Minority demands names of firms benefiting from 24-Hour Economy tax incentives
The Minority in Parliament has challenged the government to account for the tax incentives announced under the 24-Hour Economy programme, demanding details of companies that have benefited and the revenue lost through the concessions.
The Minority in Parliament has called upon the government to disclose the names of firms that have benefited from the tax incentives introduced under the 24-Hour Economy programme, questioning the revenue lost due to these concessions. Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, addressed the media on behalf of the Minority on Tuesday, November 10, voicing these concerns.
The government's initiative offers a 50% tax rebate for companies operating three shifts and a 25% rebate for those running two shifts. Additional perks include import duty waivers for machinery, discounted night-time electricity rates, and uninterrupted port clearance services. Dr Amin Adam's inquiries pertain to the approval status of these incentives before Parliament, the number of companies certified to gain from them, and the cumulative revenue the government has forfeited.
He also inquired about the implementation of the Time-of-Use electricity tariff for night-time operations and urged the government to publish the complete list of beneficiaries. Dr Amin Adam reiterated that the government must account for the 24-Hour Economy incentives' implementation before announcing new ones in the 2027 Budget, emphasizing the need for transparency regarding the commitments made to businesses.
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