The Financial and Economic Affairs Committee at the Council of Representatives convened here today, under the chairmanship of MP Mohammed Salman Al-Ahmed.

The committee discussed proposed laws on the system of income tax on foreign investments, adding a new clause to Article (10) of the General State Budget issued as per Decree-Law (39) of 2002, amending Article (1) of Law 28/2006 on the Future Generations Reserve Fund, amending Article (76) of Law 21/2001 promulgating the issuance of the Commercial Companies Law, amending the table determining the number of votes each BCCI member has in the ballot according to their capital attached to Decree-Law (48) of 2012 regarding BCCI, the inclusion of the profits of companies in which the state contributes to the state budget, and amending the provisions of the Law 21/2001 promulgating the issuance of the Commercial Companies Law.

The panel reviewed the opinions, visions and memos of the relevant sides on the proposal laws.

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

Source: Bahrain News Agency