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Update - Jordan Income Tax Amendment Law

As previously reported, Jordan approved amendments to its income tax law at the beginning of December 2018. Further to the amendments reported, additional corporate changes from 2019 include:

  • A national contribution tax is introduced in addition to corporate tax that applies at different rates depending on sector:
    • Raw material mining - 7%
    • Financial intermediation and brokerage, and financial leasing - 4%
    • Banks and electricity generation/distribution - 3%
    • Telecommunications, insurance, and reinsurance - 2%
    • All other sectors - 1%
  • A thin capitalization rule is introduced, providing that interest on related-party debt exceeding a 3:1 debt-to-equity ratio is nondeductible (equity is the higher of paid-in capital and average equity); and
  • Late-return penalties are increased to JOD 1,000 for public and private shareholding companies and JOD 300 in case of other companies.

With respect to individual income tax, new individual income tax brackets and rates have been introduced from 2019 as follows:

  • up to JOD 5,000 – 5%
  • over JOD 5,000 up to 10,000 – 10%
  • over JOD 10,000 up to 15,000 – 15%
  • over JOD 15,000 up to 20,000 – 20%
  • over JOD 20,000 up to 1 million – 25%
  • over JOD 1 million – 30%

In addition to the new brackets and rates, a 1% national contribution tax is introduced on individuals with taxable income exceeding JOD 200,000.

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