Sunday 08, July 2018 by Kudakwashe

Jordan re-evaluate tax laws in a bid to drive growth

 

Overcoming economy challenges requires joint efforts by both the public and private sector employees and officials, said Issa Murad, President of the Amman Chamber of Commerce.

  

The kingdom’s representatives of the economic sector met to discuss new approaches to overcome the economic challenges, reported Jordan Times.

Rajai Muasher, Deputy Prime Minister and Minister of State said, "In order to discuss the Income Tax Law, officials and decision makers must take into consideration the tax administration and tax evasion."

Jordan did not witness the expected economic growth during the first five months of this year, added Ezzeddine Kanakrieh, Minister of Finance.

Kanakrieh said in the last five months, the kingdom’s revenue reached JOD 8.5 billion, with JOD 5.2 billion having been generated from tax revenue receipts and JOD2.6 billion came from non-tax revenue receipts.

Jordan reduced ministries’ current and capital expenditures saving JOD 150 million in the process, in line with the pledges to implement a new strategy that abides by the new economic approach. 

 Jordan’s income tax constitutes a quarter of the government’s revenues, which represents a disproportionate rate that must be addressed through finding ways of equal distribution of tax payment.

  

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