Cabinet extends tax reduction on vegetable oils

AMMAN — The Cabinet on Wednesday decided to extend a decision to reduce general sales tax on vegetable oils to zero per cent  instead of 4 per cent until the end of August.

The decision seeks the reduction of prices of vegetable oils for the public in light of their high prices globally, the Jordan News Agency, Petra, reported.

The Cabinet also approved the integrated industrial partnership initiative for sustainable economic development, which was signed between Jordan, the UAE and Egypt earlier this week in Abu Dhabi.

Minister of Industry, Trade and Supply Yousef Shamali briefed the Cabinet on the initiative, its importance and desired goals, noting that it came in response to the outcomes of a summit between His Majesty King Abdullah, Egyptian President Abdel Fattah El Sisi and UAE President Sheikh Mohamed Bin Zayed Al Nahyan in Ramadan.

Shamali added that the initiative establishes "unprecedented" cooperation to achieve economic integration in many fields, especially industry, noting that it came in “perfect timing” in light of the challenges the world is witnessing.

The minister said that the Kingdom relies a lot on the initiative to contribute to promoting investment and increasing exchange between Jordan, the UAE and Egypt, which would contribute to creating job opportunities and achieving the aspired economic growth.

He pointed out that a meeting of the concerned ministers of the three countries is scheduled to be held on Thursday to develop a mechanism to embark on implementing the projects  of the initiative.