Tax Update
Bibi Consulting
The following is a summary of tax changes around the world :
Canada
To read a summary of the  2006Federal budget ,please click on the button below :
  To read highlights of the Ontario 2006 budget ,please click the button
  below :




United States
Jordan
- Jordan increases sales tax  to 16%.
- A new income tax law was introduced recently.To read a summary of the Law ,please     click  the button below :


- Jordan Signs a free trade agreement with the U.S . Click for text.
- The implementation of the second phase of the sales tax law started on January
  1,2001.
-  Profits from exports to be exempted from income tax until 2002.
-  Contractors to pay tax at rates ranging from 1.5% to 2% of progress billing

Saudi Arabia

- Saudi Arabia reduces income tax rate on foreign investors to 20 %.

- Custom Duties on imports  fall to 5% from 12%.

- Tax on foreign companies to drop by 15% for profits over SR 100,000.The new tax rates       will be as follows :
    First SR 100,000      25%
    Next SR 400,000      20%
    Next SR 500,000      25%
    Over SR 1 million      30%
-  Losses to be carried forward indefinitely.
-  New Investment Law to take effect soon and a new Tax Law to be introduced.
-  Foreign investors will be able to own 100% of their industrial  projects and to own real            estate.