Manufacturers and Businessmen  Express Deep Concern [Archives:1999/51/Local News]

December 20 1999

Businessmen and manufacturers centers express their deep concern from some economic changes that may take place in the industrial production in the coming year. These concerns were raised due to the government intention to increase the basis for the general taxes through sale taxes that is expected to be applied to manufacturers and revenues at a rate not less than 10%.
Some manufacturers centers state that applying the law of sale taxes passed recently by the government will increase the prices of products and services which will certainly cause great damages to the local industry. These taxes will be applied first to wholesale and retail business and then they will be applied to those products sold to customers.
And as these taxes will be applied to services, therefore experts assert that a social turmoil may happen as a result of this as the increase of prices will directly affect all sections of the society especially those of limited income.