Murad urges parliament to pass income tax, investment bills

تم نشره في Sat 31 May / May 2014. 06:29 PM

AMMAN (Petra) –– President of the Amman Chamber of Commerce Essa Murad on Saturday urged the parliament to pass new draft income tax and investment bills, hopefully during tomorrow's extraordinary Lower House session, to bolster economic reform.


Murad said in a statement that the bills needed key amendments to spur the economy and sustain development and the economic reform process, urging the legislature to take note of suggestions by the private sector "to arrive at conciliatory, modern and stable legislation."

He urged lawmakers to take the advice of concerned private sector stakeholders "who are the closest to those legislations" in order to forge stable and durable laws, arguing that constantly changing laws would have an adverse impact on the overall economic situation.

Muarad stressed that the new laws should cater to local, regional and international economic developments due to their influence on economic and investment activity, urging closer cooperation between the private and public sectors to find a modern, investor-friendly legislative and organisational environment.

He warned that a tax hike from 14% to 20%, particularly for the commercial sector, would directly hit economic activity and cause huge market upheaval, particularly in terms of supply and demand and regression in local market activity.