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    JCC welcomes gov’t decision to restructure customs tariffs

    January 11, 2022
    finance & economy

    AMMAN — The recent government decision to restructure customs tariffs has garnered praise from the Jordan Chamber of Commerce (JCC).

    The representative of the food sector at the Jordan Chamber of Commerce, Raed Hamada, described the decision as “a right step” to support and enhance the Kingdom’s stock of strategic commodities.

    Prime Minister and Minister of Defence Bisher Al Khasawneh on Sunday announced the Cabinet decision to restructure the customs tariffs at the beginning of April, and to reduce the categories of customs duties to four categories instead of 11, with rates ranging between 0 and 25 per cent, instead of 0 and 40 per cent.

    “The decision contributes to enhancing the financial liquidity of traders and importers, which stimulates an increase in the quantities of imported food commodities and their availability in the local market in sufficient quantities,” Hamada told The Jordan Times on Monday.

    Hamada indicated that reducing customs on any commodity helps revitalise the market and reduce costs for the public, especially foodstuffs, as they are basic needs.

    “The reduction of the customs tariff will most likely increase merchants’ liquidity by 20 per cent, which will help increase commercial traffic as they will be able to buy more goods with a less amount of money, which would also play a role in food security in Jordan,” he added.

    According to Hamada, the decision will also help mitigate the impact of the global rise in commodity prices in the local market, which makes citizens the first beneficiary of the decision, as it would increase their purchasing power, stimulate the markets and increase sales.

    jordantimes

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