The Jordanian government has announced that it is to cut corporate income taxes in various sectors of the economy in order to encourage increased foreign direct investment.
According to the Jordanian government a bill will be tabled before parliament within the next few months to reduce the corporate income tax rate to 12% from the current rate of between 15% and 35%.
The proposed 12% rate will apply to most of the economy, with banks, insurance and mining companies subject to a higher 25% rate. The Jordanian government has also underlined plans to simplify the Jordanian tax system to make it more attractive for investors.
In light of the effect of the global financial crisis on the housing market, the government has also recently enacted corporation tax exemptions for construction projects to prevent a slowdown in the industry.
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