December 3 2022 10:12 PM E-paper Subscribe Sign in My Account Sign out

Lower House resumes debate on investment bill

2. Lower House
(File photo: Ameer Khalifeh/Jordan News)
AMMAN — The Lower House, headed by Deputy Speaker Ahmad Al-Safadi, resumed discussion on the draft bill regulating the 2022 investment environment, Al-Mamlaka TV reportedاضافة اعلان

The 130-member Chamber of Deputies endorsed several articles of the bill as received from the Lower House Committee on Economy and Investment after an extensive debate.

In the session, the house agreed to exempt fixed assets, production input supplies and spare parts for economic activity from customs duties, despite the provisions stated under the Customs Act.

It was also approved that the lower house, on the basis of the placement of the Incentive and Exemption Committee, should issue a table containing fixed assets, production input requirements and spare parts for zero taxable economic activity.

The Lower House also agreed to waive or reduce income tax by at least 30 percent imposed on economic activities in the Kingdom's less developed regions, or enterprises which employee at least 250 Jordanians for a maximum period of five years from the actual date of starting the operation.

The approval also included article 12, which stipulates that the Lower House shall constitute among its members a committee of “Incentives and Exemptions”, the composition of which shall include the nomination of its president and the rest of the members.

Deputies also approved the addition of a paragraph by the committee on economy and investment to the bill prohibiting the chairperson or any member of the committee from participating in any decision related to an economic activity.

It also bans the chairperson or any member of the committee for taking part in an “investment fund or a joint investment fund for which, spouses, branches or relatives of the committee to the second degree are directly or indirectly beneficial, each of them shall disclose any benefits that may accrue to any of them subject to liability”.

To date, the lower house has approved 12 of the 52 articles of the Investment Environment Law.


Read more Business
Jordan News