Morocco to Suspend Taxes on Wheat Ahead of Ramadan
August 4, 2008
Moroccan government has decided to suspend taxes on wheat from 16 August ahead of the Ramadan, the fasting month for the Muslims, an official source told APA.
The move is aimed to “guarantee a steady supply on the eve of the Ramadan”, Agriculture ministry officials said.
The bread made from wheat is among the products sponsored by the public compensation funds for which about 40 billion dirham (about US$6 billion) were spent in 2008 against nearly 20 billion dirham in 2007 to support the staple products, including oil and gas.
Moroccan authorities pegged the quintal price of wheat at 300 dirham or US$80 with a public subsidy of 50 dirham because of the crop’s 2008 price hike on the global markets.
The 2008 crop production in Morocco reached 50 million quintals against about 20 million the previous year while the consumption averages 120 quintals a year.
Source African Press Agency
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