Parliament financial committee approves multinational tax decree

TDT | Manama

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The Financial and Economic Affairs Committee of the Parliament approved Decree-Law No. (11) of 2024 on regulating tax on multinational companies during its twelfth meeting yesterday.

The meeting was chaired by MP Ahmed Al Salloom.

Beyond this significant decision, the committee also reviewed Decree-Law No. (10) of 2024, proposing amendments to Decree-Law No. (15) of 1977 regarding the issuance of development bonds.

Draft law

They also considered a draft law concerning tax exemptions for low-income individuals, based on a parliamentary proposal, and another draft law ratifying an agreement to amend the framework agreement for financing the second phase of a water distribution improvement project from the Al Dur station, connected to Decree No. (68) of 2024.

A proposed law to amend Article 13 of the Commercial Register Decree-Law (Law No. 27 of 2015) was also on the agenda.

The committee’s work further included reviewing the audited annual reports and financial statements of the Future Generations Reserve Fund for the fiscal years ending December 31, 2022, and December 31, 2023, both audited by the National Audit Office.

Opinions

The committee addressed requests for opinions from the Legislative and Legal Affairs Committee.

They provided their financial opinion on a draft law adding a new article (15 bis) to the Civil Service Law (Decree-Law No. 48 of 2010), as amended by a parliamentary proposal.