The Jordanian government prepared the draft law of the amended income tax law, which is being discussed in the legislative departments of the Cabinet and is expected to be approved this month.
According to the draft, the proposed measures include providing revenues up to 280 million dinars ($394 million) annually, distributed over 150 million on tax evasion and 130 million on amendments to the segments and reduction of the volume of exemptions, and they will be implemented early next year.
The draft law also includes raising the income tax on banks, financial companies, insurance companies, reinsurance companies and people engaged in financial leasing activities to 40 percent instead of 30 percent in the current law.
Income tax on companies specialized in mining basic materials was raised to 30 percent instead of 24 percent while a 24 percent tax was maintained for basic telecommunications, distribution and power generation companies and brokerage firms.
The bill exempts individuals whose yearly income does not exceed JD8,000 and JD16,000 for families.
The draft law also levies a tax of five percent on the first JD5,000 exceeding that threshold, 10 percent for the second JD5,000, 15 percent for the third, 22 percent for the fourth and 25 percent for each one dinar above that.
Under the suggested law, there will be a fine on overdue taxes ranging from five to 25 percent of the value of delayed tax, depending on the period of delay, thus changing the relevant provisions in the existing law, which stipulates a lump sum fine of JD100 on natural persons and JD200-JD500 on the various types of companies.
Gold Dips for Fourth Session as Oil Rally Fans Inflation Concerns
Gold jewelry displayed at the Korea Gold Exchange store in Seoul (AFP)
Gold prices eased for a fourth session on Wednesday as higher oil prices stoked inflationary concerns, while investors looked ahead to next week's Federal Reserve policy meeting for clues on the future path of interest rates.
Spot gold was down 0.2% at $4,118.18 per ounce by 0319 GMT, while US gold futures for December delivery dropped 0.2% to $4,136.20, Reuters reported.
"The metal could remain under some pressure as crude prices returned to the upside, keeping inflationary pressures in place and reinforcing hawkish monetary policy expectations," said Bas Kooijman, CEO and asset manager of DHF Capital S.A.
Oil prices edged higher on Wednesday on Middle East supply concerns, with traders wary of Red Sea shipping risks.
"At this point, if some of these rate hikes that the markets have baked in for next year fall out of the forecast or at least downgrade in their likelihood, then that's likely to send gold higher," said Ilya Spivak, head of global macro at Tastylive.
The Fed will skip raising interest rates this month and deliver a hike in December, according to nearly all economists polled by Reuters, as policymakers signal patience even as stubborn inflation argues for a tougher response.
Expectations of a rate hike at the central bank's October 27-28 policy meeting are as low as 16%, while traders still see a 90% chance of a hike in December, according to CME's FedWatch Tool.
Higher interest rates typically weigh on gold prices because they increase the opportunity cost of holding the metal, which does not pay interest.
The US dollar index stabilized after recent losses, further reducing demand for bullion.
Markets are also waiting for the US Personal Consumption Expenditures data next week, the Fed's preferred gauge to monitor its 2% inflation target.
Among other metals, spot silver slid 0.9% to $57.44 per ounce, platinum dropped 0.6% to $1,638.61 and palladium slipped 1.1% to $1,090.84.
Oil Rises on Middle East Supply Fears, US Inventory Drawdownshttps://english.aawsat.com/business/5331818-oil-rises-middle-east-supply-fears-us-inventory-drawdowns
A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
Oil Rises on Middle East Supply Fears, US Inventory Drawdowns
A pumpjack operates after sunrise in Kern County, which has a long history of oil production, in California's 22nd Congressional District on October 16, 2026 near Bakersfield, California. (Getty Images/AFP)
Oil prices gained over $1 on Wednesday as escalating Middle East tensions fueled fears of supply disruptions, while falling US crude and product inventories lent support to the market.
Brent crude futures rose $1.59, or 1.5%, to $110.38 per barrel as of 0350 GMT. US West Texas Intermediate (WTI) crude gained $1.36, or 1.4%, to $99.18 per barrel.
Prices fell in the previous trading session after Iran's president discussed mediation efforts in a meeting with Pakistan's army chief in Tehran, though Brent hit a five-month high before easing.
"Oil prices have been having a bit of wild ride in the last couple of sessions," said Suvro Sarkar, head of energy research at DBS.
"We believe this is a mix of profit taking and optimistic hopes of a Qatar- or Pakistan-brokered deal, countered by the realization that any deal is still very distant and compounded further by inventory data from the American Petroleum Institute (API), which shows drawdowns continuing in the US for both crude and products."
Iran told Pakistan's army chief there would be no talks with Washington until its demands were met, Iranian media outlet Nournews reported on Tuesday, adding that a Qatari delegation had arrived in Tehran. There was no official confirmation of the reports.
Maritime security risks are also escalating. Shiptracker Kpler said on Monday that at least 18 vessel attacks were recorded over the past two weeks, while LSEG analysts warned Iran was targeting tankers well beyond the Strait of Hormuz, reaching into the Gulf of Oman and jeopardizing Gulf crude loadings and the ship-to-ship transfers supporting regional loadings.
The death toll from a Houthi attack on Yemeni government forces on Monday rose to 73 as fighting intensified.
In the US, two Energy Department officials said on Tuesday they were working with refiners around the world to boost fuel output as a diesel shortage has raised prices.
According to market sources citing API data, US crude stocks fell by 4.9 million barrels in the week ended October 16.
Gulf, UK Officials Press for Action on Free Trade Deal as Investment Opportunities Beckonhttps://english.aawsat.com/business/5331691-gulf-uk-officials-press-action-free-trade-deal-investment-opportunities-beckon
Gulf, UK Officials Press for Action on Free Trade Deal as Investment Opportunities Beckon
The UK-GCC Strategic Dialogue Forum was held in London on Tuesday. (UK-GCC Strategic Dialogue Forum)
Gulf and British officials on Tuesday called for swift action to translate a free trade agreement into tangible investments and economic gains after concluding negotiations, saying closer ties could help both sides navigate mounting challenges to global trade and supply chains.
At the UK-GCC Strategic Dialogue Forum in London, GCC Secretary-General Jasem Mohamed Albudaiwi said the agreement's success would be measured by the joint projects, productive investments and economic opportunities it generates.
He urged business leaders and investors to move beyond the agreement itself and focus on implementation, investment and shared prosperity.
British Minister of State for Trade Anas Sarwar said Britain was working with its Gulf partners to bring the agreement to signing and implementation, but stressed that businesses need not wait for those formalities to expand cooperation.
He urged companies and investors to accelerate existing trade and investment partnerships rather than wait for the signing, legislative procedures and implementation to be completed.
Growing economic partnership
Trade between the GCC and Britain reached about $70 billion in 2025, making the six Gulf states collectively Britain's 10th-largest trading partner, Albudaiwi said.
The combined value of investment assets and liabilities between the two sides stood at around $643 billion in 2024.
Albudaiwi said the figures underscored the strength of Gulf-British economic relations and the scope for further expansion.
With a combined gross domestic product of about $2.4 trillion, the GCC ranks among the world's 10 largest economies, while its foreign trade exceeds $1.8 trillion, he added.
The conclusion of free trade negotiations marked a strategic step toward strengthening those ties by easing trade, encouraging investment and opening new opportunities for private businesses.
Under the agreement, tariffs are expected to be eliminated on more than 99% of GCC exports to Britain, potentially boosting non-oil exports, particularly aluminum, fertilizers and manufactured goods.
Albudaiwi said the deal would also strengthen the Gulf's position as a global logistics hub and help small and medium-sized enterprises expand their operations and access the British market.
But its significance extends beyond trade gains, he said. The agreement could lay the foundation for a long-term economic and investment partnership spanning advanced manufacturing, the digital economy, artificial intelligence, clean energy, sustainability, financial and investment services, education, food security and logistics.
Albudaiwi said cooperation in those sectors could shift Gulf-British relations beyond traditional trade toward deeper economic integration, driven by joint investments, technology and knowledge transfers, and stronger production capabilities.
Britain sees Gulf states as strategic economic allies
Sarwar said Britain regarded the GCC states as more than trading markets, describing them as strategic economic allies and friends.
He said choosing the Gulf for his first international visit outside Europe since taking office as trade minister reflected the importance Britain placed on the partnership, particularly amid uncertainty and mounting challenges.
Sarwar stressed the value of solidarity and friendship during difficult times, saying individuals, communities and countries needed to know they could rely on their partners.
He called for a mutually beneficial relationship built on stronger two-way investment and trade, with British companies expanding into Gulf markets and Gulf businesses increasing their presence in Britain.
Opportunities also extended beyond each other's markets to joint investments in third countries, an area Sarwar said offered considerable potential.
He identified aviation and related industries, financial and legal services, defense and security, artificial intelligence, energy, food industries, education and scientific research as sectors with scope for expanded cooperation.
In aviation, Sarwar highlighted Britain's expertise in aircraft manufacturing, engines and security systems, alongside efforts to attract more direct flights from the Gulf to Britain.
He also urged closer cooperation between Gulf and British educational and research institutions, combining Britain's academic and research expertise with Gulf capabilities in energy and investment.
Sarwar said the British prime minister had tasked him with making the United Kingdom the world's most connected economy.
Achieving that goal, he said, would require boosting exports and investment while ensuring the benefits of economic growth reached regions across Britain.
He added that Gulf investment was not confined to London or northern England but extended across different parts of the United Kingdom.
GCC chief negotiator and general coordinator for negotiations Raja Al-Marzouqi delivers his address at the forum. (UK-GCC Strategic Dialogue Forum)
More than 900 meetings over four years
GCC chief negotiator and general coordinator for negotiations Raja Al-Marzouqi said the two sides held more than 900 meetings over four years before reaching the wide-ranging agreement, adding that the negotiations were not easy.
He said the agreement sent a strong message to the international community about the resilience of trade and globalization at a time when the global economy faced challenges affecting the multilateral trading system.
Covering trade in goods and services, investment, rules of origin and digital trade, the agreement is expected to generate economic gains for both sides, according to economic assessments cited by Al-Marzouqi.
Britain's annual economic gains could reach approximately $4.7 billion, while the Gulf states are expected to benefit particularly from services, investment and improved productivity, he remarked.
Al-Marzouqi linked the agreement to the economic transformation underway across the GCC, where governments are seeking to move away from dependence on oil and public spending toward private sector-led growth.
That shift offered British businesses substantial opportunities to participate in projects and investments supporting Gulf economic diversification, he noted.
Gulf and British officials on Tuesday called for swift action to translate a free trade agreement into tangible investments at the UK-GCC Strategic Dialogue Forum in London. (UK-GCC Strategic Dialogue Forum)
From negotiations to results
Kuwait's Minister of State for Economic Affairs and Investment and Acting Minister of Commerce and Industry Abdulaziz Al-Marzooq said the next phase of Gulf-British relations should focus on deeper cooperation in trade, investment, technology, infrastructure, financial services and advanced industries.
He said the GCC offered Britain more than a market, given the Gulf states' established trade links with Asia and Africa.
Al-Marzooq urged both sides to move beyond dialogue and focus on implementation, turning available opportunities into projects, partnerships and measurable economic value.
He said the conclusion of free trade negotiations would give businesses greater certainty and the market access needed to turn investment intentions into action.
While participants agreed on the agreement's strategic importance, their remarks underscored that concluding negotiations was not the end of the process but the beginning of a new phase.
The focus now is on translating the agreement into tangible investments and projects while completing the formal procedures required for signing and implementation.
لم تشترك بعد
انشئ حساباً خاصاً بك لتحصل على أخبار مخصصة لك ولتتمتع بخاصية حفظ المقالات وتتلقى نشراتنا البريدية المتنوعة
