Gov't approves bill amending Income Tax Law

Home Business Gov't approves bill amending Income Tax Law 21-05-2018 06:19 PM Ammon News - AMMONNEWS - The government, in a cabinet meeting chaired by Prime Minister Hani Mulki on Monday, approved a draft law amending the Income Tax Law No. 34 of 2014. The new law aims at addressing avoidance, tax evasion, improving tax administration, enhancing the voluntary commitment of taxpayers and expanding the tax base, and will be sent to the Lower House of Parliament to be proceeded with the constitutional stages for approval. During a press conference held by Minister of State for Media Affairs, Mohammad Al-Momani and Finance Minister, Omar Malhas, and was attended by the Prime Minister, Mulki said today the government approved the Income Tax Bill and will continue the dialogue on the draft bill, which the government will be sending tomorrow to the Lower House and the parliamentary blocs and committees. The dialogue aims at reaching a fair bill that addresses avoidance and tax evasion and would able to finance basic services that citizens need, the prime minister added. He noted that the income tax bill will be presented to an extraordinary session of the Lower House, to be determined by His Majesty King Abdullah II, and other bills might be presented before the extraordinary session, in case it was convened. Al-Momani said the income tax bill is part of a comprehensive economic and financial reform process and part of a set of decisions and policies adopted by the government to reach the self-reliance. 90 percent of Jordanians under the draft income tax law won't be subjected to tax and it was agreed that the tax exemption will include individuals who earn JD8000 a year and JD16000 for families, Al-Momani explained. Minister of Finance said amendments to the draft law focus on three main axes, the first of which is improving and developing tax administration and tax collection, the second one is addressing tax evasion and avoidance, and the third on is improving the level of tax revenues. "We expect to collect tax revenues of up to JD300 million per year by the third year of law enforcement," Malhas added. In another cabinet decision, the government approved a draft law amending the Information Systems Crime Law for 2018. The bill came in light of the spread of cybercrimes on money and people.

Home Business

Gov't approves bill amending Income Tax Law

21-05-2018 06:19 PM

Ammon News - AMMONNEWS - The government, in a cabinet meeting chaired by Prime Minister Hani Mulki on Monday, approved a draft law amending the Income Tax Law No. 34 of 2014.

The new law aims at addressing avoidance, tax evasion, improving tax administration, enhancing the voluntary commitment of taxpayers and expanding the tax base, and will be sent to the Lower House of Parliament to be proceeded with the constitutional stages for approval.

During a press conference held by Minister of State for Media Affairs, Mohammad Al-Momani and Finance Minister, Omar Malhas, and was attended by the Prime Minister, Mulki said today the government approved the Income Tax Bill and will continue the dialogue on the draft bill, which the government will be sending tomorrow to the Lower House and the parliamentary blocs and committees.

The dialogue aims at reaching a fair bill that addresses avoidance and tax evasion and would able to finance basic services that citizens need, the prime minister added.

He noted that the income tax bill will be presented to an extraordinary session of the Lower House, to be determined by His Majesty King Abdullah II, and other bills might be presented before the extraordinary session, in case it was convened.

Al-Momani said the income tax bill is part of a comprehensive economic and financial reform process and part of a set of decisions and policies adopted by the government to reach the self-reliance.

90 percent of Jordanians under the draft income tax law won't be subjected to tax and it was agreed that the tax exemption will include individuals who earn JD8000 a year and JD16000 for families, Al-Momani explained.

Minister of Finance said amendments to the draft law focus on three main axes, the first of which is improving and developing tax administration and tax collection, the second one is addressing tax evasion and avoidance, and the third on is improving the level of tax revenues.

"We expect to collect tax revenues of up to JD300 million per year by the third year of law enforcement," Malhas added.

In another cabinet decision, the government approved a draft law amending the Information Systems Crime Law for 2018.

The bill came in light of the spread of cybercrimes on money and people.

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