Special Tax Weighs on Gold Market

تم نشره في Sun 11 March / Mar 2018. 01:00 AM
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AMMAN —AlGhad— The domestic gold market is looking forward to the government’s decision to retract the special tax on gold, particularly, which taxes raw gold just as much as it taxes processed gold, which is 5 per cent.

Ribhi Elayyan, secretary general of the association of jewellers, claims the decision has suffocated demand on gold, domestically, which has also put a strain on importation.

In many other countries, decisions of the sort have been retracted.

The government expects to make an additional JOD20 million from the tax up on gold.

However, increasing special tax on gold curbs the domestic market’s competitive advantage, Elayyan stressed, compared to other markets in the region.