Sugar and oil: Government decides 41% cut in duties on local cost

ALGIERS- Several important measures to curb rising prices of sugar and oil were taken on Saturday in an Inter-Ministerial Council chaired by Prime Minister Ahmed Ouyahia, a statement of the Prime Ministry said. These measures include a suspension and exemption from customs duties, taxes, totaling 41% cut deducted from the local cost, from January 1 to August 31, 2011. They include first a suspension of customs duties, which are set to 5% on import of raw sugar and raw materials used in the manufacture of edible oils. The government has also decided to suspend for these products VAT (17%) and a tax exemption on company profits (IBS). This tax is 19% for production activity, and 25% for distribution activities.