(MENAFN- Jordan Times) The Lower House Financial and Economic Committee is considering an increase in the income tax rate on banks and mining companies, an sources said Sunday.
The committee's rapporteur, MP Anwar Ajarmeh, explained to The Jordan Times that the panel is discussing amendments to the temporary Income Tax Law, which has been in effect for almost two years, indicating that MPs support raising income tax on large firms, particularly mining companies.
"The current economic and financial conditions in the country require increasing taxes on such firms," he said, adding, however, that the panel may not have enough time to complete amending the piece of legislation during the House's second ordinary session, which concludes on June 26.
A government official, who preferred to remain unnamed, confirmed that the committee is discussing increasing the income tax on financial institutions from 30 per cent to 35 per cent, while the tax rate on mining companies may go up to 25 per cent from the current rate of 14 per cent.
During budget deliberations in February this year, the majority of deputies called on policy makers to implement fiscal reforms by introducing the progressive income tax regime that levies higher rates on wealthier individuals and by charging higher taxes on banks and mining companies.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.