New Investment Environment Law unifies 18 regulations — minister

Minister of Investment Kholoud Al-Saqqaf
Minister of Investment Kholoud Al-Saqqaf. (File photo: Jordan News)
AMMANMinister of Investment Kholoud Al-Saqqaf said that the new Investment Environment Law, which recently entered into force, aims to unify all 18 regulations and instructions mentioned within the law into a single unified system to facilitate investment, Khaberni reported.اضافة اعلان

Saqqaf was speaking during a meeting organized on Saturday by the Jordanian Businessmen Association to discuss the Investment Environment Law and the new unified system with a group of businessmen and investors in Jordan.

The new law conforms to best international standards and practices, and includes many incentives, benefits, and exemptions to encourage investment in the Kingdom, the minister said.

To boost investment in less-developed regions, Saqqaf noted, income tax is exempted or reduced in parts of the Kingdom designated as less-developed, or for projects that employ at least 250 Jordanian workers.

Head of the Jordanian Businessmen Association, Hamdi Al-Tabbaa, confirmed the importance of this step, noting that one challenge in attracting investment in Jordan is a low return on investments due to a high rate of income tax.

Tabbaa stressed the importance of investments for the Kingdom’s business community and highlighted other obstacles to investment that require the cooperation of all related parties, such as high energy and production costs and bureaucracy in licensing. 

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