JIC processed 471 exemption applications since beginning of 2019

AMMAN — The Directorate of Facilities and Investment Incentives processed 471 project exemption applications since the beginning of 2019, a Jordan Investment Commission (JIC) statement said on Sunday.

These include 134 projects outside the developmental areas, 174 projects inside JIC’s developmental areas, 102 projects operating under previous investment legislation and 61 projects benefitting from Cabinet exemptions under Article 8/A, according to the statement.

Around 90 per cent of the applications were approved, while 2.3 per cent of applications did not meet the terms of exemptions, the JIC explained.

Meanwhile, specialised committees were formed to review the remaining 7.7 per cent, in order to address obstacles, ease procedures and enable more investors to benefit from the facilities and exemptions that the JIC offers.

Assessment committees that examine these applications by investors and projects were formed to examine and confirm the applicants’ eligibility for exemptions inside and outside the JIC’s development areas.

These exemptions are issued either directly by the Cabinet or by specialised committees under Article 30 of the 2014 investment promotion law.

Notably, these committees include representatives from the Ministry of Industry, Trade and Supply, the General Customs Department, the Income and Sales Tax Department, the Tourism Ministry, the Labour Ministry and the Land Transport Commission, in addition to private-sector representatives.

They meet at least once a week to examine investment applications.