Banks, GAM discuss real estate tax reforms
AMMAN — As the government moves forward with fiscal reforms affecting the real estate sector, Jordan's banking community has stepped up efforts to ensure that legislative changes support sustainable investment and financial stability.
In line with its commitment to fostering institutional dialogue, the Association of Banks in Jordan recently held a specialised roundtable discussion on the draft Buildings and Land Tax Law.
The session brought together representatives from Jordanian banks and officials from the Greater Amman Municipality (GAM) to examine the law's potential implications.
The discussions centred on proposed legislative and technical amendments, with particular focus on new mechanisms for tax valuation.
A technical presentation showcased the use of advanced digital tools aimed at reducing human intervention in the valuation process. These tools are designed to promote fairness, transparency, and a more accurate reflection of real market property values, according to a statement sent to The Jordan Times.
Director General of the Association of Banks Maher Mahrouq underscored the importance of maintaining the attractiveness of real estate as an investment sector.
He warned against any tax reforms that might deter investment flows, noting that 'banks prioritise financing real estate projects due to their significant impact on economic growth.'
GAM clarified that the draft law does not include any increases in existing tax rates. On the contrary, case studies presented during the session indicated that the new valuation approach could, in many cases, result in lower tax burdens compared to the current system.
The roundtable is part of a broader series of policy dialogues hosted by the Association of Banks to enhance cooperation with government bodies on economic legislation, with the goal of ensuring a balanced legal framework that supports both financial sector development and national economic goals.
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