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Jordan planning tax reform this year

Jordan planning tax reform this year

AMMAN: Jordan is to undertake individual income tax reform this year and continue to rationalize tax breaks from 2018-19, according a report from the International Monetary Fund (IMF).

Following consultations with the country, the IMF said Jordan intends to broaden the tax base in the medium-term, including by amending the income tax law in 2017 and removing additional GST and customs duties exemptions the following fiscal year.

The income tax changes will reduce the income tax thresholds for individuals and families and increase the tax burden on other sources of income. The amendments will also make the personal income tax rate schedule more progressive, unify the corporate income tax rates for nonbank corporations, and align this unified rate with the maximum personal income tax rate, the IMF said. The changes are expected to come into effect in 2018, and are scheduled to be tabled in parliament in September.