Parliamentary committee discusses income tax on foreign investments

Manama, May 4 (BNA): The Parliament’s Financial and Economic Affairs Committee met here today under the chairmanship of Representative Mohammed Salman Al-Ahmad.

The committee discussed the proposals of laws regarding the income tax system on foreign investments, by adding a new item to Article (10) of the state’s general budget issued under Decree-Law (39) for the year 2002 amending Article (1) of Law 28/. 2006 regarding the Future Generations Reserve Fund amending Article (76) of Law 21/2001 promulgating the Commercial Companies Law, and amending the schedule that determines the number of votes for each member of the Chamber of Commerce and Industry in the ballot according to his capital attached to the decree – Law No. (48) of 2012 regarding Bahrain Chamber of Commerce and Industry, including the profits of companies in which the state contributes to the state’s general budget, and amending the provisions of Law 21/2001 by issuing the Commercial Companies Law.

The committee reviewed the opinions, visions and notes of the relevant authorities regarding the proposal of laws.

The session also discussed a proposal on diversifying sources of income and reducing dependence on oil and gas resources, and another proposal on extending the repayment period of personal loan installments offered by banks to citizens, so that it becomes the maximum allowable repayment period. 10 years instead of 7 years.

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