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Jordan's parliament passes IMF-backed tax law to reduce public debt

Staff Writer | November 19, 2018
Jordan's parliament approved a new IMF-backed tax law on Sunday after introducing some changes in a move to push ahead with crucial fiscal reforms to lower record public debt needed to get the economy hit by regional conflict back on track.
Jordan street
Midle East   A majority of deputies in the chamber approved a series of amendments
A majority of deputies in the chamber approved a series of amendments in the 36-article bill that included raising family exemptions to mitigate its impact on middle class income earners.

Jordan's Prime Minister Omar al Razzaz earlier warned deputies the kingdom will pay a heavy price if parliament failed to approve the legislation, a main plank of austerity measures to ease a fiscal crunch and spur stagnant growth hovering at around 2 percent in recent years.

The bill will still need to go to the upper house or senate for approval before it is enacted as law. It is expected to be effective early next year, officials said.


 

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