(MENAFN) The industrial and trade sectors in the kingdom are split over the current cancellation of Cabinet decision to cut sales tax on clothes.
Additionally, the cabinet cancelled last year's decision which reduced sales tax on clothes, bags, watches, perfumes and cosmetics from 16 to 8 percent.
However, the move will make a state of confusion in the market, particularly for those who have ordered their commodities based on the old tax rate.
Meanwhile, there are almost 1.385 industrial establishments working in textiles with a capital of USD230.59mn, while the sector constitutes 3.7 percent of all industrial investments.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.