Houthi cement fees hinder construction

The economic crisis in the areas controlled by the Houthis in Yemen has deepened after the group approved two successive increases in customs duties and sales taxes on imported cement, claiming that it aims to protect local producers. These increases, scheduled to take effect in August and October 2023, will raise customs tariffs from 20% to 30% and sales tax from 10% to 15%, leading to higher construction material costs and resulting in stagnation and job losses in the construction sector. These measures are part of a series of hikes on imported goods, exacerbating the economic burdens on residents and merchants, with factory activities declining and prices rising, posing a threat of further recession and unemployment.

Size: 120%Text Size

Notice: This Is an AI-Generated Summary

Display The Full Article