Finance Minister Mohamed Yisr Barnieh announced on Thursday that taxes on industrialists will be cut to 10 percent under the new tax system, and damaged facilities will be exempt until they are rehabilitated.
During a meeting with the General Assembly of Damascus Chamber of Industry and its Countryside, Barnieh said that the government is formulating economic policies in partnership and dialogue with the Chambers of Industry and Commerce, namely in preparing the new tax system.
Barnieh, also stated that the new Tax system will give “full exemption” for damaged or destroyed industrial facilities until they are rehabilitated.
These steps are aimed at supporting the resumption of production in the affected areas, Barnieh explained.
Moreover, the minister pointed out that the consumer spending tax will be abolished starting in 2026 and replaced by a sales tax.
He explained that the goal of these measures is to develop the national economy and increase exports, which have declined by 90 percent since 2010.
