(London, UK – 10:15 P.M.) A parliamentary source has confirmed that the Syrian government will remove import taxes on machinery, to be used in the domestic production of goods. Machinery imported into Syria will be exempt from import taxes for a one-year period.
Syria’s raging conflict, and the economic sanctions imposed on it by the USA and EU have had dire effects on its economy, and Syrian businesses. Syria’s only stock exchange, the Damascus Securities Exchange (DSE), which was founded in 2009, has also suffered.
The depreciation in the value of Syria’s domestic currency, the Syrian Pound, has made imports more expensive for Syrian businesses and consumers, while making their exports more affordable. It seems that the government, and central bank are looking to increase the production of goods, for domestic consumption, and for export to foreign trade partners, such as Russia and Iran.
Furthermore, it was recently announced that “Foreign Exchange Companies Law will be affected by several amendments.”