Parliament passes "Industrial Tax" law | Jordan News | Ammon News

Parliament passes "Industrial Tax" law

[11/25/2018 6:22:58 AM]

AMMONNEWS - The Lower House of Parliament on Sunday clung to its version of the Income Tax bill, which the Senate earlier returned to the House.

In a session, chaired by Speaker Atef Tarawneh, the Parliament approved the tax on the industrial sector as endorsed by the Upper Chamber after the government had pledged to launch a ‎tax incentives system that will set tax rates on industrial activities, except for pharmaceutical and clothing sectors, at 25 percent tax rate in 2019, 20 percent in 2020, 15 percent in 2021, 10 percent in 2022, and 5 percent in 2023.

As for the pharmaceutical and clothing industries, the tax rate is set at 50 percent in 2019, 30 percent in 2020, 20 percent in 2021, 10 percent in 2022, and 5 percent in 2023.

Deputy Prime Minister, Rajai Muasher, said: "The government is committed to passing a ‎tax incentives system to the industry sector before 2019 to enable it to play its role."

Muasher stressed the importance of the industry sector, which employs over 250,000 workers, and constitutes 24 percent of the GDP, adding: "the Cabinet's decision has a 75 percent tax threshold on exports and the income bill would gradually cut taxes on the industry sector."

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