Syrian tax on raw materials lowered
Syrian President Bashar Al-Assad has recently issued a decree that reduced the import tax imposed on incoming raw materials, according to Al-Hayat daily. The tax will be cut by one percent, and will apply to materials imported for manufacturing purposes.
Local industrialists and businessmen welcomed the decision. However, Syrian producers of raw materials claimed that the decision would result in losses for them.
They added that lowering the tax would accelerate the influx of such goods from Lebanon. Consequently, they claim they will face “unfair” competition, since Lebanese production costs are far lower than that of Syria. — (MENA Report)
© 2001 Mena Report (www.menareport.com)