Investors take advantage of incentives in tourism sector — JIC

AMMAN — Investors have started submitting applications to the Jordan Investment Commission (JIC) after the government offered extra incentives in the tourism sector, JIC President Thabet Al Wir said on Tuesday. 

In a statement, Wir urged investors to head to the JIC to take advantage of tax incentives and exemptions now available for hotels, restaurants, theme parks and conference centres in all governorates except Aqaba, which is a special economic zone governed by special laws. 

The JIC president said the incentives granted previously to the sector under the Investment Law were not comprehensive enough to encourage investment in tourism, noting that, for example, they did not include restaurants. 

The Cabinet’s endorsement of the new set of incentives aims to develop the sector by exempting materials, machinery and spare parts from customs duties and other taxes, with the exception of the service tax. 

The new measures also include a freeze on income tax at 5 per cent for 10 years, unless the tourism institution is subject to a lesser percentage under a by-law that provides for cuts in the income tax in underdeveloped areas. 

In such cases, the lesser percentage will be applied and for a longer period, according to the JIC statement.