Jordan: Parliament Reviews Income Tax Regime
Type
E-journal
Date
21 Jun 2012
Jurisdiction
Jordan
Taxonomy
Companies & Corporate Bodies, Telecommunications, Mines, Minerals & Quarries, Financial Institutions, Income Tax
Copyright
LexisNexis
Analysis
Jordan's Parliamentary Financial Panel has announced the Income Tax Law is being reviewed to increase government revenue by increasing income tax imposed on some companies and sectors in the country.
According to the panel, the current economic difficulties encountered by the government have created a need to increase general budget revenues.
Companies expected to see their Income Tax increased are:
- telecommunication companies; and
- mining companies.
Mining companies are currently charged 14% income tax. If the tax increase is approved, it will be 25%.
- Banks.
Banks are currently charged 30% income tax. If the tax increase is approved, it will be 35%.
For full story see: http://www.alrai.com/article/521714.html