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Govt refers draft of amendment to law on subsidies to Parliament
April 24, 2014, 9:42 am

Government has referred to the National Assembly draft law amending the provisions of clause 4 of the clarified Article 28 of law number 47/1993 to subsidize locally manufactured products, reports Al-Qabas daily.

The draft law stipulates that locally manufactured products be subsidized to give them preference over other similar foreign products manufactured at costs not exceeding 10 percent of the prices of similar foreign products or 5 percent of the prices of similar products manufactured in GCC countries. In case a specific locally manufactured product is lacking, then subsidies should not exceed 10 percent of the cost of similar foreign products.

The draft law proposes a new clause to the clarified Article 28 A and D of law 47/1993 by which the Minister of Trade and Industry will be authorized to amend the above-mentioned percentage in a manner that gives preference to locally manufactured products of national origin.

Meanwhile, the Deputy Prime Minister and Minister of Trade and Industry Dr AbdulMuhsin Al-Med’eij has said the Fatwa and Legislative Council is still reviewing the final copy of the executive regulations for law number 37/2010 related to organizing programs and allotting operations. In response to a parliamentary question, Dr Al-Med’eij explained that Fatwa and Legislative Council made inquiries and observations on the regulations that was presented on March 26, indicating the higher council has yet to prepared a program for public projects due to failure in fulfilling the legislative and organizational requirements necessary for the council to move forward.

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