471 investment request submitted to Investment Comission with 90% approval rate

Jordan

Published: 2019-02-24 14:34

Last Updated: 2019-02-24 14:54


471 investment request submitted to Investment Comission with 90% approval rate
471 investment request submitted to Investment Comission with 90% approval rate

The Jordanian Investment Commission said that the total number of applications handled by the Directorate of Facilities and Investment Incentives for requests of exemptions for projects benefiting from the investment law reached 471 applications since the beginning of 2019.

The number of projects outside the development areas reached 134, while the projects within development areas reached 174, in addition to the projects that benefited under the previous investment legislation which amounted to 102 projects.

The Investment Commission indicated that the overall rate of approved applications for all exemptions transactions on all categories was 90%, while the overall rate of applications rejected for non-compliance with the terms and conditions for exemptions amounted to 2.3%.

In order to facilitate investors and overcome all obstacles to enable them to obtain exemptions and investment facilities for their projects within the regulations and laws emanating from the Investment Act 2014, the Investment Commission confirmed that the general rate of requests that the relevant committees decided to re-examine or disclose for all transactions of exemptions on various categories reached about 7.7%.

It is noteworthy that the committees that consider the requests for investment projects within and outside the development zones and beneficiaries of the Investment Promotion Law No. 30 of 2014 or the projects that are submitted to benefit from the decision of the Council of Ministers based on Article 8 / A were formed by the decision of the Council of Ministers to facilitate investors and shorten the time and effort.

These committees are composed of representatives from the Ministry of Industry and Trade, the General Customs Department, the Income and Sales Tax Department, the Ministry of Tourism, the Ministry of Labor and the Land Transport Commission. The committees meet with representatives of the Jordanian private sector at least once a week.