Measures announced to protect economy

Minister of Finance Mohammad Al-Ississ on Wednesday announced a set of measures designed to protect the national economy and facilitate trade activity in the Kingdom in the wake of the COVID-19 crisis.

At a press conference, the minister announced that the general tax on sales will be collected when amounts are received, and not at the time of the sale, adding that the decision includes all domestic sectors and the following external sectors: supply, health and pharmaceuticals.

Further, Al-Ississ said firms listed on the Customs Department’s golden and silver lists will be allowed to pay only 30 percent of duties while the remaining 70 percent can be paid later under a non-bank guarantee.

With regard to shipping containers, it was agreed with the Aqaba Container Terminal Company to change the grace period from 7 to 14 days, the minister added.

Additionally, the Social Security Corporation (SCC) has allowed private sector institutions to pay subscribers’ contributions on installments and cut their contribution share from 21.75 percent to 5.25 percent.

According to the minister, the SCC will use a total of JOD16 million to the maternity insurance to provide in-kind and cash assistance to those in need, namely the elderly and patients.

Al-Ississ announced that the Cabinet has endorsed a mechanism to settle outstanding income and sales taxes for private sector’s companies.

Source: Jordan News Agency