V. Modernize Our Business Environment
 

Status	Meaning	Count
	Achieved	19
	Never Implemented	26
	In progress/partially implemented	5

 

Recommendation 1:
Enact new investment law based on international best practices.
Priority Ranking:	Starting Date:
Immediate	01-Jan-00
Actors:	Completion Date:
Prime Ministry, MIT, IPC	30-Jun-00

 

Benchmark 1	Status:
New investment law enacted.

 

Benchmark 1	Status:
Other IPC-related laws/regulations amended.

 

Benchmark 1	Status:
IPC placed under office of Prime Minister.
Benchmark 2	Status:
IPC given administrative autonomy and budgetary control.
Benchmark 3	Status:
IPC board chaired by private business and reflects majority private sector representation.
Benchmark 4	Status:
IPC represented on Cabinets economic development subcommittee.
Benchmark 5	Status:
IPC resources focused on investment promotion and investor before- and after-care.
Benchmark 6	Status:
IPC offices modernized and moved to prominent business district.
Benchmark 7	Status:
IPC given lead responsibility for government participation in Jordan Vision 2020.
Benchmark 8	Status:
IPC given a special budget to promote Jordan abroad as an attractive investment location.

 

Benchmark 1	Status:
Action-oriented public sector modernization program published.

 

Benchmark 1	Status:
All applications and other forms directly or indirectly related to investment published in standardized format with accurate and clearly written instructions, in Arabic and English, and readily available on Web pages of individual regulatory and licensing agencies concerned.

 

Benchmark 1	Status:
Action-oriented tax reform program published.

 

Benchmark 1	Status:
Job descriptions and organizational charts mandatory for all government departments.
Benchmark 2	Status:
Merit-based recruitment systems in place.
Benchmark 3	Status:
Incentive systems established to reward strong performers.
Benchmark 4	Status:
New economic, management, and computer courses initiated for government employees.
Benchmark 5	Status:
IS0 9000 certification introduced for selected government ministries and departments.
Benchmark 6	Status:
Corporate-style accounting systems adopted in all central government departments and all autonomous government entities, such as municipalities and utility companies.
Benchmark 7	Status:
Role of Public Audit Department limited to auditing only.

 

Benchmark 1	Status:
Inspection of every item within a shipment halted.
Benchmark 2	Status:
Arbitrary assessment of invoices halted.
Benchmark 3	Status:
Penalties for fraudulent documents increased.
Benchmark 4	Status:
Input materials exempted for customs duties.
Benchmark 5	Status:
General customs duties reduced by 10-20 percent.
Benchmark 6	Status:
Introduction of ASYCUDA and other EDI-based systems complete and all Customs Department operations become paperless environments.
Benchmark 7	Status:
Customs Department operations streamlined according to international best practices with respect to trade logistics and facilitation.

 

Benchmark 1	Status:
Tax assessment and payment process streamlined.
Benchmark 2	Status:
Uniform international accounting standards adopted
Benchmark 3	Status:
Company self-assessment introduced.
Benchmark 4	Status:
Random auditing introduced, with stiff penalties for falsified tax claims.
Benchmark 5	Status:
Targeted tax incentives introduced for firms engaged in research and development.
Benchmark 6	Status:
Tax collection burden shifted toward indirect approaches (value-added, sales tax).
Benchmark 7	Status:
Effectiveness and impact of fiscal and non-fiscal incentives within and outside IPC reviewed and upgraded to reduce duplication, eliminate redundancy and bureaucratic inefficiency, and attract foreign investment without eroding the tax base.
Benchmark 8	Status:
Double taxation avoidance agreements reviewed to include tax sparing provisions.
Benchmark 9	Status:
New double taxation avoidance agreements negotiated with all major trading partners and investment source countries.

 

Benchmark 1	Status:
Best practices microfinance industry established.
Benchmark 2	Status:
Banking law and security interests in movable property laws approved and implemented.
Benchmark 3	Status:
Government securities market launched.
Benchmark 4	Status:
Changes effected at Jordan Securities Commission, Amman Stock Exchange, and Securities Deposit Centre.
Benchmark 5	Status:
Venture capital and infrastructure. Project finance funds launched.
Benchmark 6	Status:
Financial disclosure on companies enforced.
Benchmark 7	Status:
International codes and accounting standards for companies implemented.
Benchmark 8	Status:
More rapid privatization and listing of public companies on the Amman Stock Exchange.

 

Benchmark 1	Status:
Caseload system reorganized and computerized.
Benchmark 2	Status:
Judges trained on WTO, new technology, international trade, and investment issues.
Benchmark 3	Status:
Specialized courts established to deal with international trade conventions.
Benchmark 4	Status:
Alternative dispute resolution measures introduced.

 

Benchmark 1	Status:
Autonomous budget and administration.

 

Benchmark 1	Status:
Autonomous budget and administration.