The Financial and Economic Affairs Committee of the Parliament made significant decisions during their twelfth meeting, including approving Decree-Law No. (11) of 2024 on regulating tax on multinational companies. Chaired by MP Ahmed Al Salloom, 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. 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.
In addition to these decisions, the committee discussed a proposed law to amend Article 13 of the Commercial Register Decree-Law (Law No. 27 of 2015). They also reviewed 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. The committee also addressed requests for opinions from the Legislative and Legal Affairs Committee, providing 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.
This meeting of the Financial and Economic Affairs Committee highlights the importance of regulating tax on multinational companies and ensuring tax exemptions for low-income individuals. The proposed amendments to existing laws and agreements demonstrate the committee’s commitment to improving the financial and economic landscape of the country. By reviewing financial reports and addressing requests for opinions, the committee is actively engaged in shaping policies that benefit the future generations of Bahrain.
MP Ahmed Al Salloom’s leadership in chairing the committee reflects a proactive approach to addressing key economic and financial issues facing the country. The committee’s thorough review of proposed laws and agreements shows their dedication to ensuring transparency and accountability in financial matters. By working closely with other parliamentary committees, such as the Legislative and Legal Affairs Committee, the Financial and Economic Affairs Committee demonstrates a collaborative effort to make informed decisions for the benefit of the country.
The approval of Decree-Law No. (11) of 2024 on regulating tax on multinational companies is a crucial step towards ensuring fair taxation and compliance with international standards. The proposed amendments to existing laws, such as the Commercial Register Decree-Law, show the committee’s responsiveness to changing economic conditions. By ratifying agreements for financing water distribution projects, the committee is also contributing to the country’s infrastructure development and economic growth.
Overall, the Financial and Economic Affairs Committee’s twelfth meeting was a productive session that addressed key financial and economic issues facing Bahrain. By making important decisions on tax regulation and financial laws, the committee is playing a significant role in shaping the country’s economic future. Through collaboration with other parliamentary committees and diligent review of financial reports, the committee is committed to promoting transparency, accountability, and financial stability in Bahrain.
