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English news

15-Dec-2016

Automotive directive to be sent back to cabinet after parliament rejects some clauses

The automotive directive will be sent back to the cabinet after the House of Representatives’ Industry committee rejected articles in the law to impose a 0.5% tax on revenues to be allocated for a fund to develop the industry. According to a committee member, the law would also impose a membership fee on companies to join the automotive directive’s incentives program. The fee would be progressive depending on the how many vehicles are exported. The parliament is expected to vote on the law in a month after the government signs off on the rewrites. (Al Borsa)

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