Clothing Syndicate: ITB accelerates recession

Jordan

Published: 2018-09-17 12:54

Last Updated: 2021-09-26 15:44


Clothing Syndicate: ITB accelerates recession
Clothing Syndicate: ITB accelerates recession

The Textile and Readymade Clothes Syndicate in Jordan confirmed that the new Income Tax Bill (ITB) will further increase the recession being suffered by the sector for many years.

In a statement on Sunday, September 16, 2018, the Syndicate said that the new ITB will crush the middle class, which is almost one-third of Jordanian society, as this class is already suffering from income shortage and has decreased its purchasing power after the ITB reduced the size of exemptions that were granted to families.

The Syndicate called on the government to reduce the sales tax on all sectors, which targets all classes alike, the poor, the middle class and the rich.

“Rather than drafting a new income tax law at this difficult time when the national economy is suffering from unprecedented conditions, and suffering a decline in growth rates and witnessing an increase in poverty and unemployment; the government should be amending the laws to stimulate and strengthen the economy and to attract investment.” said the union.

The Syndicate pointed out that if the plan associated with ITB continues in this direction, there will be broad negative consequences that will affect various sectors, and will lead to a sharp decline in sales. Not to mention that the losses in trade will directly lead to unemployment and to companies going out of business.