Media ININ Economy We Trust
Media In / Agencies / Amman January 24, 2018
The Association of the owners of jewelry shops and jewelry shops proposed alternatives instead of imposing a sales tax on jewelry trade to be borne by the merchant instead of the citizen.
According to the secretary of the union Rabhi Alan, alternatives are concentrated in raising the stamp duty charged by the Standards and Metrology Organization from 24 piasters to one and a half dinars for the imported gold and 75 piasters for the factory instead of 12 piasters.
In a statement to the Jordanian News Agency (Petra), Allan said that the union also proposed to the concerned parties to increase customs duties on imported gold to protect the national industry and grant them powers to regulate the sector more.
The government finally decided to impose a sales tax of 5 percent on jewelery, including gold, silver, diamonds and various jewelry, previously exempted.
According to Allan, the average gold price in the Kingdom in the last three years was 6 tons from the importer and 12 tons to the local, pointing to the presence of 700 shops operating in the jewelery and jewelry sector throughout the Kingdom.
He said that gold is a monetary commodity in the sense of the citizen so it is impossible to apply the new tax because the yellow metal buys and sells and replaces the model when needed and desire as it is repaired at the break.
He added that gold is acquired to the extent of savings and investment for ease of delivery at the desire to sell and buy and is priced locally according to the world prices constantly changing.
He stressed that if the tax is imposed on the local market gold will pay the citizen to buy their holdings of yellow metal from neighboring countries, especially from Turkey, which will deepen the recession in the sector, in addition to the impact on export to abroad.
