Algeria energy revenues up 15% as global oil prices rise

Algerian state energy firm Sonatrach's solar plant is pictured in Bir Rebaa oil field in southern Algeria. (REUTERS/Lamine Chikhi/File Photo)
Updated 10 February 2019

Algeria energy revenues up 15% as global oil prices rise

  • The overall value of exports stood at $41.17 billion compared with $35.19 billion in 2017

ALGIERS: Algeria’s energy earnings rose 15.27 percent in 2018 from the previous year due to higher global oil prices, the government said on Saturday.

Stronger revenues helped to reduce the OPEC member’s trade deficit by 53.73 percent to $5.03 billion in 2018, according to customs figures.

Oil and gas exports, which accounted for 93.13 percent of total sales abroad, reached $38.34 billion, up from $33.26 billion in 2017, the figures showed.

The overall value of exports stood at $41.17 billion compared with $35.19 billion in 2017. Imports rose 0.3 percent to $46.20 billion in 2018, the customs data showed.

Algeria has failed to reduce spending on imports despite import restrictions on some goods, including foodstuffs.


UAE to impose 50% tax on soft drinks in health drive

Updated 21 August 2019

UAE to impose 50% tax on soft drinks in health drive

  • The 50% tax on soft drinks and 100% on vaping products start Jan. 1, 2020
  • The government says the taxes are necessary to help persuade people to make healthier choices

DUBAI: The UAE government has announced new taxes of up to 100 percent aimed at vaping and soft drinks, in a bid to reduce the consumption of unhealthy products.

Starting Jan. 1, 2020, the new list of taxable products will include sugary and sweetened soft drinks, as well as powders that can be used to make drinks, and electronic smoking devices.

A statement on state-run news agency WAM said the step is aimed at reducing “consumption of unhealthy goods and modifying consumers’ behavior.”

The Cabinet decision, will add a 50 percent tax on soft drinks with added sugar, in form of a liquid, concentrate, powders, extracts or any product that may be converted into a drink.

Vaping devices and the associated products will be taxed at 100%. (File/Shutterstock)

“The decision also requires manufacturers to clearly identify the sugar content in order for consumers to make sensible healthy choices,” the statement read.

The cabinet also announced the introduction of a 100 percent tax on electronic smoking devices - irrespective of whether they contain nicotine or tobacco - and the liquids used in the devices.

The UAE government first introduced a tax on specific goods deemed harmful to human health in 2017.