President of the Jordanian Businessmen Association (JBA), Hamdi Tabbaa, stressed the importance of the Cabinet's decision issued Sunday, to restructure the customs tariff which came at the 'right time' and would reflect 'positively' on economic productivity and competitiveness.

Jordan's business community has always called for reducing customs tariffs and mitigating effects and hardships that have burdened the private sector, in addition to the Covid-19 pandemic-related consequences and repercussions on various economic sectors, Tabbaa pointed out.

He said the reduced customs tariffs on the private sector will contribute to improving performance of Jordan's economic sectors, by restoring trade activity, combating customs evasion, enhancing revenues and reducing commodity prices.

Tabbaa also added that reducing the number of customs tariffs categories from 11 to 4 will mitigate complications, simplify customs procedures, and contribute to facilitating flow of goods to the local market.

Multiplicity of customs and tax categories have 'negative' impacts on smooth business conduct, investment attraction and Treasury revenues, while maintaining the policy to continue imposing 'high' customs levies will increase import costs and complicate customs procedures, according to Tabbaa.

Stressing the need to protect and support the local industry, he highlighted the importance of continuous consultation with the private sector, especially with regard to any law-based amendments or decisions that 'directly' affects its business.

(Petra)

President of the Jordanian Businessmen Association (JBA), Hamdi Tabbaa, stressed the importance of the Cabinet's decision issued Sunday, to restructure the customs tariff which came at the 'right time' and would reflect 'positively' on economic productivity and competitiveness.

Jordan's business community has always called for reducing customs tariffs and mitigating effects and hardships that have burdened the private sector, in addition to the Covid-19 pandemic-related consequences and repercussions on various economic sectors, Tabbaa pointed out.

He said the reduced customs tariffs on the private sector will contribute to improving performance of Jordan's economic sectors, by restoring trade activity, combating customs evasion, enhancing revenues and reducing commodity prices.

Tabbaa also added that reducing the number of customs tariffs categories from 11 to 4 will mitigate complications, simplify customs procedures, and contribute to facilitating flow of goods to the local market.

Multiplicity of customs and tax categories have 'negative' impacts on smooth business conduct, investment attraction and Treasury revenues, while maintaining the policy to continue imposing 'high' customs levies will increase import costs and complicate customs procedures, according to Tabbaa.

Stressing the need to protect and support the local industry, he highlighted the importance of continuous consultation with the private sector, especially with regard to any law-based amendments or decisions that 'directly' affects its business.

(Petra)