FINANCIAL NEWS

Jordan’s industry, trade sectors cancel tax reductions on clothes

28 Jun 2016

(MENAFN) The industrial and trade sectors in the kingdom are split over the current cancellation of Cabinet decision to cut sales tax on clothes.

Additionally, the cabinet cancelled last year’s decision which reduced sales tax on clothes, bags, watches, perfumes and cosmetics from 16 to 8 percent.

However, the move will make a state of confusion in the market, particularly for those who have ordered their commodities based on the old tax rate.

Meanwhile, there are almost 1.385 industrial establishments working in textiles with a capital of USD230.59mn, while the sector constitutes 3.7 percent of all industrial investments.

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