Tax regulations

Jordan’s economic modernization vision outlines simplification of trade and tax regulations | Jordan News

Ammon News – Jordan’s economic modernization vision has proposed ways to simplify customs, tax and maritime regulations for trade and retail.

The vision, which was launched by His Majesty King Abdullah a few days ago, to be implemented in three phases over 10 years, focuses on the trade sector as a top national priority, in light of its “high” contribution to gross domestic product. product (GDP), which reached 7.9% last year with a value of 2.4 billion JD, according to official estimates.

According to last year’s estimates, the commerce sector employs 265,000 workers, or 16.6% of the Kingdom’s total workforce, while its exports in 2021 amounted to JD 300 million, or 3 .3% of the Kingdom’s total exports.

In terms of the reasons behind the proposed regulations, the commerce sector lacks e-commerce legislation, as it depends to a “large” extent on imports and suffers from “ineffective” customs, maritime and tax laws, in addition to difficulties in obtaining financing and unfair competition.

The vision, which was the result of round tables over a period of 3 months, drew attention to the direct economic impact that will be reflected on the trade sector after its implementation, as its contribution to GDP will increase from 2 .4 billion JD, according to last year’s estimates, to 3.8 billion JD in 2033.

The number of workers in the sector will also reach around 400,000, in addition to increasing exports to JD 1.5 billion in 2033.

Among its initiatives, the vision also suggested developing consumer protection legislation, upgrading Aqaba’s port and warehousing infrastructure, providing trade finance support, expanding trade partnerships and free trade agreements and to create a database of tradable goods and services.