Jordan’s Lower House of Parliament on Wednesday adamantly clung to its decision to leave in place the 35 percent income tax on banks, despite decisions by the government and Senate to cut the tax by 10 percent, the Jordan Times reported Thursday.
The House was discussing a draft law on income tax returned to it by the Senate.
According to the paper, the House unanimously rejected the Senate's amendment that decreased the tax on banks to 25 percent.
Deputies were quoted by the daily as saying they were afraid that an annual JD28 million treasury loss due to the 10 percent tax break would only be paid “from the pockets of ordinary citizens.”
While the Senate and the government believe that the tax break would encourage investment and revitalize the market, most deputies believe that banks already make high profits.
They said they feared that the government would make up for the treasury loss by hiking petrol prices, it added – Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
