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[size=36]For the first time, Algeria plans to impose a tax on wealth and real estate[/size]
Economy | 08:31 - 14/10/2019
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Algeria plans to introduce taxes on wealth and real estate next year for the first time, the presidency said after a cabinet meeting approved a draft budget for 2020.
Algeria, a member of the Organization of Petroleum Exporting Countries (OPEC), is struggling to find new sources of funding for its economy after energy revenues, the main source of public finances, have fallen.
The cabinet also approved at a meeting chaired by interim President Abdelkader Bensalah the measures approved at a previous meeting chaired by Prime Minister Noureddine Badawi, the presidency said in a statement.
The measures mainly included a plan to cut public spending by 9.2 percent and seek foreign loans to reduce pressure on the public treasury.
But the size of subsidies will remain unchanged in 2020 at 8.4 percent of GDP as the government seeks to avoid social unrest in a country that supports almost everything from basic food commodities to fuel, housing and medicine.
The authorities are already under pressure from weekly popular protests demanding the cancellation of the December 12 presidential election.
Protesters believe the elections will not be fair as long as allies of former President Abdelaziz Bouteflika remain in power, including Ben Saleh and Badawi.
The draft budget has yet to be approved by parliament later this year
The measures mainly included a plan to cut public spending by 9.2 percent and seek foreign loans to reduce pressure on the public treasury.
But the size of subsidies will remain unchanged in 2020 at 8.4 percent of GDP as the government seeks to avoid social unrest in a country that supports almost everything from basic food commodities to fuel, housing and medicine.
The authorities are already under pressure from weekly popular protests demanding the cancellation of the December 12 presidential election.
Protesters believe the elections will not be fair as long as allies of former President Abdelaziz Bouteflika remain in power, including Ben Saleh and Badawi.
The draft budget has yet to be approved by parliament later this year
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