Economy, Investment Committee approves draft of Income Tax

Jordan

Published: 2018-11-12 12:22

Last Updated: 2018-11-12 13:09


Economy, Investment Committee approves draft of Income Tax
Economy, Investment Committee approves draft of Income Tax
Roya News Source

After weeks of debating and reviewing the Income Tax Bill (ITB), the Economy and Investment Committee of the Jordanian Lower House of Parliament has announced its approved draft on Sunday, November 11, 2018.

As of 2019, the income tax threshold for individuals will be set at JD 10,000 (to be lowered to JD 9,000 in 2020) while households tax threshold is set for JD 20,000 in 2019 (to be lowered to JD 18,000 in 2020).

A JD 3,000 exemption is granted to households with medical and/or educational expenses, in addition to a disabled tax-relief of JD 2,000 was approved.

Head of the Committee, Member of the Parliament Khair Abu Saileik, stated that the Committee has an allocated a million Jordanian Dinar exemptions dedicated to farmers. The Committee has also canceled the proposed Social Solidarity Tax and replaced it with a national contribution tax that is applicable to those who have a yearly income of JD 200,000 or more.