House passes income tax bill

تم نشره في Tue 23 December / Dec 2014. 07:27 PM

AMMAN (Petra) – The Lower House on Tuesday passed the 2014 draft income tax law after amending some of the controversial articles in a lengthy debate.

The bill, endorsed in a session chaired by speaker Atef Tarawneh and attended by Prime Minister Abdullah Ensour and cabinet ministers, levies income tax of 35 percent on bank profits and 14 percent on the industrial sector.

It also sets a 20 percent tax on individuals outside the industrial and banking sectors as well as communications, electricity distribution and mining companies.

In addition, the bill levies a 24 percent tax on each dinar for the basic communications companies, electricity distribution companies and firms mining for basic materials as well as insurance and reinsurance firms and financial companies and brokerages.