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Jordan to Pass Amended Income Tax Law

ordanian Cabinet. Petra
ordanian Cabinet. Petra
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Jordan to Pass Amended Income Tax Law

ordanian Cabinet. Petra
ordanian Cabinet. Petra

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.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.