President of Syria Bashar al-Assad on Tuesday issued Legislative Decree No 70 on decreasing the customs duties on powdered milk, yogurt, coffee, tea, rice and bananas as follows:
- Powdered milk: 5 to 10%.
- Roasted coffee 15 to 20%
- Tea: 7 to 10% for 3-kilo and bigger cans.
- Rice: 1 to 3%.
- Bananas: 20 to 40%.
President al-Assad also issued the Legislative Decree No 23 decreasing consumer-spending taxes on vegetable oil, margarine, animal ghee, unroasted coffee and sugar, SANA reported.
The decree includes lowering customs duties on import licenses' orders fixed by 2% into 1%. The decree amedned article 5 of the legislative decree No 52 for 2006 on the income taxes on renting non-residential estates for Syrians and non-Syrians. The new fees will be 10% of the annual lease.
President al-Assad also issued Legislative decree No. 24 for 2011 decreasing rates of optional and compulsory insurance on debts and mortgages, rates of the shares of the Holding, Joint and Limited liability companies, life insurance and others.
The decree exempts contracts of micro-loan, health insurance for the employees and retired from the stamp fees.
President al-Assad also issued Legislative Decree No. 25 for the year 2011, allowing the public authorities to pay the dues of resident Syrian contractors in foreign currency provided that the tender announced should be external and include equipment and materials which will be imported for projects of special nature and particular cases.
Minister of Finance Mohammad al-Hussein said in a statement to SANA "The price reductions will be directly in the interest in the Syrian citizens who are the primary consumers, as they are the main target of the decrees them."
He noted that the Ministry of Economy and Trade will monitor the impact of price reductions through its specialized bodies, adding that the execution of the legislations will get underway at the beginning of next month after taking the required measures.