Trade ministry to conduct benchmark on commodities’ prices covered by sales tax reduction: Hammouri

shaheennews

-Minister of Industry, Trade and Supply, Tariq Hammouri, said the ministry will conduct a benchmark on prices of commodities included by the recent Cabinet’s decision to reduce sales tax in the coming weeks to examine the price reduction impact.

Responding to a question made by “Petra” on Wednesday, Hammouri said reduction of the sales tax on 76 basic commodities is part of the government’s keenness to mitigate burdens on citizens, stressing the importance of commercial sectors’ positive response to the decision, which will reflect on prices in the local market.

The ministry monitors prices of various basic commodities on a daily basis through inspection tours in all areas of the Kingdom, adding the ministry is keen on “stabilizing” prices and making sure they don’t rise for “unjustified” reasons, he noted.

In some cases, he said price ceilings for some commodities are determined after a series of procedures and dialogue with stakeholders from the private sector.

//Petra//