Representative for ICT at Jordan Chamber of Commerce highlights significance of recent amendments approved by Council of Ministers
Date
10/13/2024 5:02:26 AM
(MENAFN) Eng. Haitham Al-Rawajbeh, the representative for the Information and Communication technology (ICT) sector at the Jordan Chamber of Commerce, has highlighted the significance of recent amendments approved by the Council of Ministers regarding the exemption of net income derived from exporting certain services until the end of 2033. This initiative is seen as a pivotal step toward enhancing the investment landscape in Jordan, particularly within the vital ICT sector.
In a statement made on Sunday, Al-Rawajbeh emphasized that this move reflects the government’s dedication to improving the business environment and fostering investment in key economic areas. By facilitating tax exemptions on profits from exported services, the government aims to stimulate growth and encourage businesses to explore new opportunities.
During a meeting on Saturday, chaired by Prime Minister Dr. Jaafar Hassan, the Council of Ministers approved the rationale behind a draft amendment to the existing profit exemption system. This amendment seeks to exempt income from the export of goods and services from income tax for the year 2024. The proposal has been forwarded to the Legislation and Opinion Bureau to begin the formal approval process.
Al-Rawajbeh underscored that this amendment is a strategic initiative designed to boost Jordan's exports, particularly in the realm of digital services. The exemption of net income from services such as computer programming, economic studies, legal, and engineering consulting is expected to foster innovation within the sector. This, in turn, could incentivize companies to expand their operations into new markets, ultimately contributing to the Kingdom's economic growth.
Overall, the new measures are part of a broader strategy to enhance Jordan’s competitive edge in the ICT sector, positioning it as an attractive destination for both local and foreign investments. The government’s commitment to supporting this vital industry is expected to have a positive impact on the national economy and pave the way for sustainable growth in the coming years.
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