Tax sops likely for GCC projects

Manama : The Cabinet meeting held yesterday at Gudaibiya palace discussed a draft proposal on determining the eligibility for customs tariff exemption for development projects prepared as per a resolution adopted by the GCC Financial and Economic Cooperation Committee. The draft resolution was referred to the Executive Committee, as recommended by the Ministerial Committee for Financial Affairs and Rationalising Expenditure, and presented by the Deputy Premier and Chairman of the Committee.

The session also discussed a recommendation by the Ministerial Committee for Urbanisation and Infrastructure on amending Article (20) of the Municipalities Law promulgated by Decree-Law 35/2001, and referred it to the Ministerial Committee for Legal Affairs. The move is in line with the government’s keenness to revise services’ work procedures and mechanisms to ensure smooth flow of the implementation of government-funded projects and programmes.

Financial disclosure

The Cabinet meeting has approved a memorandum presented by the Minister of Justice, Islamic Affairs and Endowments on amending the executive bill of the Financial Disclosure Law. The session endorsed a draft decree on amending some provisions of the executive bill of the Financial Disclosure Law 32/2010, issued by Decree 82/2012.

The Cabinet also approved a draft edict on determining the categories of fees levied on licenses and services delivered by the Customs Affairs, in line with the memorandum presented by the Interior Minister and the recommendation submitted by the Ministerial Committee for Financial Affairs and Rationalising Expenditure regarding it.

A draft memorandum of understanding (MoU) on endowments, to be signed between the ministries and departments of endowments and Islamic affairs in GCC countries, was also discussed during the Cabinet meeting. Presented by the Minister of Justice, Islamic Affairs and Endowments, the draft MoU was referred to the Ministerial Committee for Legal Affairs.

The session also endorsed Bahrain-Turkey MoU in the field of civil service, and commissioned the Minister of Finance to sign it on behalf of the Kingdom after study of its legal aspects by the Ministerial Committee for Legal Affairs.