Cabinet approves revised tax settlement framework, finance regulation amendments
By JT – Nov 05,2024
AMMAN — The Cabinet on Tuesday approved an additional grant agreement with the German Development Bank (KfW), amounting to 15 million euros, contributing to the National Water Carrier Project, which aims to desalinate and transport water from Aqaba to Amman.
The Cabinet, during a session chaired by Prime Minister Jafar Hassan, decided to revise the framework for settling unresolved cases between taxpayers and the Income and Sales Tax Department, the Jordan News Agency, Petra, reported.
The Cabinet said that the updated regulations now permit settlements of tax issues that have received final court rulings, even when the original tax or fine amount exceeds JD1 million, previously a threshold applicable only to smaller cases.
The Council of Ministers also approved a draft amendment to the 2024 Finance Companies Bylaw, aiming to refine the operations of finance companies and boost the legislative framework that governs them.
The proposed changes seek to establish a structured system with clear, objective licensing standards in line with Jordanian laws and under the oversight of the Central Bank of Jordan.
The new framework is designed to address consumer needs, prevent unfair lending practices, and protect consumer rights while promoting responsible financial practices that adhere to high professional standards.
The proposed amendments reflect advancements and shifts in the sector, drawing on continuous feedback and monitoring of the current regulatory impact, aiming to provide a regulatory environment that balances inclusivity and flexibility, reinforcing the sector’s competitiveness and promoting overall stability.
The amendments will also offer finance companies greater adaptability in fulfilling regulatory requirements, designed to the nature and scope of their operations, to encourage growth, continuity, and support innovation and entrepreneurship.
http://www.jordantimes.com/news/local/govt-endorses-grant-agreement-germanys-kfw-support-national-water-carrier-project