New income tax law to support Scientific Research Fund — Tweisi

AMMAN — The new income tax law will include again a 1 per cent deduction of the net profit of public shareholding companies, and allocate the percentage to the Scientific Research Fund, Higher Education and Scientific Research Minister Adel Tweisi said on Tuesday.

During the launch ceremony of industrial innovation programme at the Amman Chamber of Industry, Tweisi said that reactivating the deduction will bring back the main source of funding for the fund, which was interrupted since 2010 causing a drop in its budget, the Jordan News Agency, Petra, reported.

In response to the 2016-2025 National Strategy for Human Resources Development’s goals, the fund is scheduled to be changed into a fund next year to support research, development and innovation, the minister said, adding that a new by-law will identify the fund’s new goals.