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IMF Welcomes Jordan's Tax Reforms To Raise Revenue

by Lorys Charalambous, Tax-News.com, Cyprus

02 May 2014


The International Monetary Fund (IMF) has said that Jordan's medium-term fiscal consolidation strategy hinges on further tax reforms to rein in rising public indebtedness.

On April 28, 2014, the Executive Board of the IMF completed the third and fourth reviews of Jordan's performance under a three-year program supported by a Stand-By Arrangement (SBA) and concluded an Article IV consultation with Jordan. Following the consultation, Naoyuki Shinohara, Deputy Managing Director and Acting Chair of the IMF Executive Board, said: "The 2014 budget appropriately targets further fiscal consolidation while protecting the most vulnerable. Measures to increase central government revenue are welcome and should be implemented without delay."

Shinohara said the country's new income tax law should bring the tax burden in line with that of regional peers. At the same time, tax incentives should be reduced, he said.

"The Jordanian authorities remain committed to reforms and prudent policies despite a difficult environment. Their Fund-supported economic program, focused on reducing external and fiscal vulnerabilities, remains broadly on track," he said.

The 36-month SBA in the amount of SDR1.364bn (about USD2bn) was approved by the Executive Board on August 3, 2012. The completion of the third and fourth reviews enables the immediate release of SDR170.5m, bringing total disbursements under the program to SDR852.5m.

TAGS: environment | tax | tax incentives | law | budget | International Monetary Fund (IMF) | Jordan | tax reform | individual income tax

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