Jordan – Tax on insurers to increase to 40%
Tuesday, 05 08 2018, Category: Insurance and Reinsurance, Country: Jordan
The Cabinet on Monday approved the mandating reasons for a draft law amending the Income Tax Law for 2018 and referred it to the Legislation and Opinion Bureau (LOB).
During Monday's session, the Council of Ministers reviewed the law, discussing the expected financial and economic outcomes, and issuing directives to publish the draft on the LOB.
According to the bill, basic materials mining companies will pay 30 per cent of each one dinar of income, 40 per cent for banks, financial companies and legal persons in the financial lease business, 24 per cent for telecommunication, electricity and financial mediation companies, 20 per cent for other legal persons such as trade and services companies and 15-20 per cent for the industrial sector.
Source: The Jordan Times