Friday, 22 September 2023 11:04 GMT

Jordan- Markets Edging on Chaos, Citizens Stressed over Price Hikes

(MENAFN- Alghad Newspaper)

AMMAN —AlGhad— Citizens have expressed to AlGhad's reporters their general dissatisfaction with the recent price hikes and de-subsidisation of various commodities, in light of the 2018 General Budget law, which was passed earlier this month.

In an attempt to measure out the public's reaction to the government's decisions, a team with AlGhad sought out shoppers at various outlets.

Notably, 164 commodities have seen price hikes under the new tax law, after exemptions to these basic products were amended last week.

All of the interviewed citizens and shoppers said they were stressed over the strain these price hikes place on their incomes. Not to mention the fact that the government has found no other way to fund its deficits.

The same goes for merchants who complained to AlGhad that these hikes in prices will suffocate an already troubled consumer economy and hurt the currency's purchasing power.

Rightly so, they fear that the deterioration of the consumer's purchasing power will result in dipped demand for even some of the most basic commodities.

Noteworthy is the fact that the amendments to the tax law has uniformed sales taxes for these 164 basic commodities at 10 per cent.

Before the tax amendments were passed, these commodities enjoyed a range of tax deduction, placing the tax range for many of them between 0 and 4 per cent.

The new tax hikes came into effect on January 17th, 2018.


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