Khaberni - The Cabinet decided in its session held today, Sunday, chaired by Prime Minister Dr. Jafar Hassan, to approve the disbursement of dues for 72 industrial establishments for the value of their exports, which accumulated during the years 2019, 2020, and 2021, and were not paid then, with a total amount of approximately 15 million dinars, noting that the export support program was discontinued after that period.
This decision is likely to enhance liquidity in the industrial sector, encourage exports, stimulate productivity, and strengthen investment and the competitiveness of the national economy.
The decision includes allowing eight industrial establishments, whose dues exceed 500,000 dinars, to obtain financing with a guarantee and repayment in the form of installments from the government, while the dues of the rest of the establishments with dues less than 500,000 dinars will be disbursed through the Ministry of Finance in coordination with the Ministry of Industry, Trade, and Supply.
This decision is an important step to alleviate the benefiting establishments and increase their competitiveness and growth at both the local and international levels, by providing them with financial liquidity, enabling them to continue their activities more effectively, and to expand and increase production.
The decision is also expected to benefit large and small establishments alike, as this measure eases the financial burden on large companies and helps them fulfill their obligations, while enabling owners of small and medium-sized enterprises to obtain their dues directly through the Ministry of Finance, thus enhancing the stability of these companies and contributing to their development.
As part of the steps related to implementing major projects, the Cabinet approved a set of incentives, exemptions, and benefits for the Jordanian Company for Developing Cities and Facilities and priority projects in the first phase of the Omra City project, which include projects (Al Hussein bin Abdullah II Stadium, the International Convention and Exhibition Center, the Entertainment City, King Abdullah II ibn Al Hussein Sports City, and the project to outfit the comprehensive plan and infrastructure for Omra City alongside projects that will be added later).
In support of economic activities in the Aqaba Special Economic Zone, the Cabinet approved a decision by the Board of Commissioners of the Authority, including launching a package of exemptions and reductions on the buildings and lands tax in Aqaba.
The decision comes as a continuation of the government's efforts to support economic activities, stimulate investment, and enhance the competitiveness of the investment environment in the province.
The incentives include a 50% reduction on the buildings and lands tax for previous years until 2026, provided that all dues are paid before 31/7/2026, in addition to a 100% exemption from penalties incurred on the buildings and lands tax for taxpayers who pay the principal of the tax due before the end of 2026.
These incentives are expected to ease the financial burdens on citizens and investors, energize economic and real estate activity, and enable taxpayers to settle their financial statuses; thus supporting the sustainability of economic activity and providing a more flexible and attractive investment environment in Aqaba.
The incentives will be implemented starting from the date this decision is issued until 31/12/2026, according to the regulations and procedures determined by the Authority.
As part of decisions related to supporting the agricultural sector, the Cabinet approved the reasons for amending the Wholesale Markets Regulation for Vegetables and Fruits for the year 2026.
The project aims to enhance the regulatory role of the Ministries of Local Administration and Agriculture over wholesale markets, and to organize the handling of horticultural products; to ensure the rights of farmers and consumers alike, and to achieve a balance in the prices of agricultural products.
The project enables municipalities to establish joint markets, ensuring the improvement of agricultural services and increasing the efficiency of marketing national products, in addition to giving the right to one or more municipalities to partner in establishing a wholesale market within the borders of one of them, while the management mechanism, participation rates, financial resource shares, and collected fees are determined by an official agreement signed between the concerned municipalities.
These amendments are expected to ease the financial and operating costs on municipalities, especially those that are unable to establish individual markets, contributing to unified efforts for serving the agriculture sector and providing an organized environment for selling products.
The decision also supports farmers by providing them an opportunity to promote their products within official markets, regulating random sales, as well as creating new job opportunities and improving the financial resources of municipalities.
The new amendments also improve the management mechanisms within central markets, in line with the goals of the Economic Modernization Vision in the agricultural sector and achieving food security, and developing the infrastructure of markets, and raising the efficiency of marketing national agricultural products.
Under the new amendments, modern regulatory tools will be activated, and the operation of agents within the markets will be organized; contributing to curbing price distortions and ensuring transparent commercial transactions within the wholesale markets in various provinces of the kingdom.
In the context of supporting and encouraging economic activities and easing the burden on citizens, the Cabinet also decided to extend the work of the Tax Settlement and Reconciliation Committee; thereby allowing companies, establishments, and taxpayers to submit settlement and reconciliation requests for accumulated tax claims from previous years, effective until 31/12/2024, until the end of the working day on 30/6/2026.
The decision aims to enable companies, establishments, and taxpayers to settle their accumulated tax obligations on companies, establishments, and individuals from previous years and to clear their tax liabilities, in addition to stimulating economic activities and ensuring their sustainability.
The decision included that tax claims realized starting from 1/1/2025 will not be covered within the settlement and reconciliation requests.
In the context of economic partnerships with sister countries, the Cabinet approved the partnership agreement to be signed between the Public Institution for Social Security / Social Security Investment Fund and the Omani Investment Authority; for the purpose of establishing a joint stock company equally between the Jordanian and Omani parties, to be based in the Hashemite Kingdom of Jordan, with a capital of $100 million.
This partnership will enable both the Social Security Investment Fund and the Omani Investment Authority to study and implement joint investments in a number of promising economic sectors, in addition to exchanging expertise and knowledge, with a focus on information and communication technology, agriculture, medical supplies, energy, mining, tourism, logistics, infrastructure, and accelerating the shift towards sustainable energy.
This partnership reflects the depth of the economic relations between the two brotherly countries, aiming to enhance the prospects of investment cooperation between them, and looking forward to expanding their presence and investment activities, in addition to diversifying investment portfolios through the development of joint opportunities in priority sectors, which contributes to achieving sustainable economic growth and providing quality job opportunities.
This partnership comes as part of the vision and strategy of the Social Security Investment Fund in expanding and diversifying its various investments, contributing to major economic projects, in addition to enhancing the existing cooperation with foreign investment funds, and building new strategic partnerships with similar investment funds in sister countries.
On another note, the Cabinet approved assigning the Independent Election Commission to manage the elections of the industrial and commercial chambers and the representatives of the industrial and commercial sectors and to supervise them.
The decision aims to ensure the highest standards of transparency and integrity in the election process for the industrial and commercial chambers, which represent the economic sectors in the kingdom.
Under this decision, the Independent Election Commission will be responsible for organizing and managing the elections of representatives of the industrial and commercial sectors in all regions of the kingdom, in addition to the full supervision of all related procedures starting from the registration process until announcing the results, during the period that will be determined for these elections.
