(MENAFN- Jordan News Agency)

Amman, Nov. 8 (Petra) -Lower House Economy and Investment Committee, headed by MP Omar Naber, approved a draft law amending Real Estate Sale Tax Law for 2022.
During a meeting held Wednesday, Naber, in presence of Minister of State for Legal Affairs, Nancy Namrouqa, said the bill is an "important and positive" law and works to reduce rate of real estate sales tax on citizens.
Naber added that the bill's mandating reasons came to stimulate investment in the Kingdom's real estate and housing sector and increase the trading volume in the real estate market, by reducing property sale tax rate to 3%, instead of 4%.
Naber called on the government to reduce the administrative value on Jordan's real estate sector.
For their part, the committee's members stressed necessity of reducing the real estate sale tax rate to less than 2%, in a bid to stimulate the sector's market.
Meanwhile, Namrouqa said the draft is "important" and helps stimulate investment in the housing sector, and streamline transactions for citizens.
For his part, Department of Lands and Survey (DLS) Director, Ahmed Amoush, said it formed joint committees with private sector's experts to study administrative property value in southern Amman, which is "clearly declining."
Some areas are witnessing a "clear and tangible" increase in the administrative real estate value, he noted, adding that DLS will complete steps to amend this value by end of next February.

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