Senate head says new tax law should meet reform needs | Business | Ammon News

Senate head says new tax law should meet reform needs

[7/14/2018 9:23:47 AM]

AMMONNEWS - Senate President Faisal Fayez on Saturday called for launching a "responsible" national dialogue based on the country's higher interest to arrive at a modern tax law that ensures justice among all social groups and addresses the serious distortions in the current legislation, mainly tax evasion.

He also said at a discussion with experts, industrialists and economists that the tax bill should help prop up the various economic sectors and raise their competitiveness, an objective that requires "forging a partnership among all the relevant entities to come up with a position, that is accepted by the majority, on the law we all seek."

The new bill, he stressed, should respond to the royal directives to carry out a comprehensive review of the tax system and tax burden, and meet the goal of fiscal and economic reform.

Any debate of the tax law, Fayez stressed, should take into consideration that the future economic policy is not primarily based on foreign aid, but self-reliance is its key pillar, which means an optimal utilization of resources and control of government spending as well as launching job-generating projects.

Therefore, the new bill should help to attract foreign investment, through putting well-studied tax ratios on the various sectors, to achieve the aspired-for goals, he pointed out.

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