Gov't Keen to Control Spending, Address Imbalances –– Minister

تم نشره في Sat 6 August / Aug 2016. 12:00 AM
  • Minister of Finance Omar Malhas

AMMAN — Finance Minister Omar Malhas said Saturday that the government is forging ahead with measures to control spending, address economic imbalances and continue the reform process to improve living standards in the Kingdom.

He also reiterated that the process of granting economic incentives would regularly be reviewed to ensure that these privileges will achieve their objectives, or they will be subject to reconsideration.

Speaking at a meeting with Amman Chamber of Commerce (ACC) board members, the minister stressed that the government would not backtrack on measures it announced two months ago to push forward the fiscal and structural reform programme.

He also said the Income and Sales Tax Department constantly reviews the income tax law with the aim of amendment in line with the recommendations of the parliament and the fiscal reform programme, predicting that the law would expand the tax base of individuals.

Malhas also pointed out that his department was looking into the prospect of unifying industry, trade and agriculture taxes with a multitude of options provided it would not negatively impact domestic revenues, as well as the possibility of imposing a minimum income tax on companies.

ACC president Isa Murad called on authorities to stop adoption of decisions that would adversely influence the business environment, stressing that the private sector needed a new vision to inject optimism in it, particularly in view of the difficult economic situation in the Kingdom and a slump in the trade activity.