Jun 20 2012
|more articles from|
'Gov't to raise tax on automobiles by 10%'
As imported cars are currently subject to a special tax calculated at 81 per cent of a vehicle's value, the official, who requested anonymity, said the new special tax rate will be 90 per cent of the value of the car.
He told The Jordan Times Tuesday that under the new regime, cars manufactured less than five years ago will be subject to an 8 per cent increase, while used automobiles older than five years will be slapped a 10 per cent hike.
Nabil Rumman, president of the Jordan Free Zone Investors Association (JFZIA), warned that raising the tax rate on car imports will negatively affect the sector, as automobile prices will go up leading to further slowdown in demand.
According to Rumman, the average number of cars imported to the local market is around 75,000 vehicles per year.
He indicated that rumours about government plans to increase taxes on cars have pushed traders in the free zone, which is the main hub for car imports, to speed up customs clearance measures.
© Jordan Times 2012
© Copyright Zawya. All Rights Reserved.
People Who Read This Also Read
- Al-Attar to Jordanian Delegation: Targeting Syria Bid to Strike Resistance, Dismember Arab Nation, Obliterate the Palestinian Cause
- Qtel Group announces New Group Chief Operating Officer
- Oman: Tenders for new projects post record high
- Middle East's USD6.8bn investment in solar power creates new industry platform in Dubai
- Saudi car sector to accelerate