Finance Minister Mohamed Al-Ississ on Wednesday delivered a presentation at the Jordan Strategy Forum (JSF) on the government's "success" in maintaining the Kingdom's financial stability despite global economic uncertainty. 

Al-Ississ also referred to the success of maintaining financial stability without having to increase tax burdens on citizens, according to a JSF statement.

The minister noted that the government managed to achieve and exceed targeted revenues without increasing any tax or fee, and rather, customs fees were reduced and consolidated.

He also commended the professionalism of the Central Bank of Jordan as an institution that works according to the highest international standards, and for its success in preserving monetary stability in the Kingdom.

Al-Ississ said that credit classification institutions praise the financial stability of the Kingdom and have maintained the credit classification for Jordan, as well as increased Jordan’s future outlook projection to “stable”.

The minister also reviewed profound reforms implemented at the Income and Sales Tax Department (ISTD) and the Customs Department to reduce tax and customs fees and facilitate procedures for the private sector, stressing that this is the first step in the reform journey and that the private sector is a key partner in this journey.

He also stressed that the government is committed to reducing production costs in light of price hikes in global production chains.

In this regard, Al-Ississ referred to reducing electricity costs for productive sectors and social security, noting that the government has also reduced the taxes and fees of land registration from nine to six per cent.

The minister also reviewed the investment environment law that granted investors important rights, exemptions and incentives related to creating jobs and attracting investments in areas with lower growth rates.

JSF CEO Nisreen Barakat said that the panel addressed the financial policy’s importance as a main enabler for the private sector’s participation in economic growth, creating jobs and enhancing production.

Director of Research and Studies at JSF Ghassan Omet delivered a presentation showing the strategic framework of the financial policy, the main goal of which is to maintain financial stability as a pillar for economic growth. 

ISTD Director General Hussam Abu Ali said that the department exerts continuous reform efforts regarding inspection and tax auditing, and reviewed some of the reforms that ISTD has implemented. 

Col. Mahmoud Titi, director of fee tariff at the Customs Department, noted that reducing customs fees to four categories reflected positively on customs compliance in the private sector.