Amman Chamber of Commerce presents study on new Income Tax Law

By Petra - May 12,2015 - Last updated at May 12,2015

AMMAN — The Amman Chamber of Commerce (ACC) on Tuesday presented a study that included 24 remarks on the new Income Tax Law.

The study, revealed at an ACC meeting attended by different commercial sectors, also presented recommendations on amending some of the law items to deal with tax evasion and support the local business environment to improve its competitiveness in attracting more investments.

ACC President Issa Murad described the Law as “unfair” to the commercial sector since it increased the tax rate from 14 to 20 per cent, which will affect many economic activities, especially in terms of supply and demand.

Murad noted that the commercial sector markets 80 per cent of the local industrial products, referring to the difficult commercial status the Kingdom is going through and the decline in the net profits of companies to less than 2 per cent.

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