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FINANCIAL NEWS
Algeria confirms spending cuts, higher taxes for 2017
24 Nov 2016
(MENAFN) Algeria’s lower house of parliament endorses a 2017 budget that involves new taxes on goods and fuel subsidy cuts as part of its efforts to offset a fall in energy profits.
Furthermore, the budget offers a 14 percent cut in spending, trailing a 9 percent reduction in this year, while oil and gas account for 94 percent of exports.
Under the new fiscal law, prices for unleaded gasoline, premium gasoline and regular gasoline will grow by 13.08 percent, 12.94pct and 14.11 percent.
The country started to apply its first fuel price increases in more than a decade, while local prices for energy products remain very low by global standards.
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