New Tax Bill to Add 10% Tax on PLCs

تم نشره في Wed 9 May / May 2018. 12:00 AM - آخر تعديل في Wed 9 May / May 2018. 09:50 PM
  • Sales and Income Tax Department building (Archives)

AMMAN —AlGhad— The government’s amended Income Tax Bill imposes an additional 10 per cent tax on Public Liability Company dividends, Director of the Income and Sales Tax Department Hussam Abu Ali told AlGhad.

This particular aspect of the bill is entirely new, sources confirmed. It does not exist in the current law.

Income tax on dividends according to the new bill will increase to 50 per cent, one of the source, who spoke under the condition of anonymity, explained.

That is with the exception of mining companies, whose income tax will reach 40 per cent, as the standing tax now is 30 per cent on dividends.

Notably, the new tax bill is intended to launch with the beginning of 2019.