Smeirat: Tax exemption of IT export profits boosts sector growth

Minister of Digital Economy and Entrepreneurship, Sami Smeirat, said the Cabinet's approval of the mandating reasons of the amended bylaw to exempt profits of goods and services from income tax for the year 2024 aligns with the Royal directives in the Letter of Designation on the importance of continuing to make efforts and progress to make Jordan a "regional center" for the information technology (IT) sector. The minister added that the move would also contribute to enhance growth and competitiveness of the Kingdom's IT sector. In a press statement Sunday, Smeirat noted the decision reflects the government's commitment to provide a "supportive" legislative environment for the IT sector. Smeirat noted the Ministry of Digital Economy seeks, under "effective" partnership with the private sector, and "extensive" studies of the sector's conditions, to identify the key needs and requirements to advance this "vital" industry, which is viewed as an "important basic" investment drivers in Jordan. The minister sta ted the proposed amendments aim to exempt the taxpayer's net income for exporting a IT-related services until 31/12/2033, which include: Computer, IT and outsourcing services. Source: Jordan News Agency