Bahrain Shura Council to Debate Customs Exemptions for Renewable Energy Equipment
The Bahrain Shura Council will discuss a draft law proposing customs exemptions for renewable energy equipment to attract investment in line with the Bahrain Economic Vision 2030. While the initiative aims to promote renewable sources like solar and wind, concerns have been raised by the Financial and Economic Affairs Committee about potential negative impacts on state revenues. The proposal is under review, with recommendations for further consideration from the Public Utilities and Environment Committee.
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The Shura Council and the Financial and Economic Affairs Committee will meet to discuss customs exemptions for renewable energy equipment on Sunday. The draft law aims to attract investment in renewable energy projects, aligning with Bahrain Economic Vision 2030.
It proposes exempting systems, devices, and equipment related to renewable energy sources from customs duties. The Financial and Economic Affairs Committee has raised concerns that this could negatively impact state revenues.
The definition of renewable energy includes solar, wind, geothermal, and biogas. The committee warns that the broad exemption could affect public income and is not limited to industrial inputs. Amendments also redefine 'the Authority' and maintain the customs exemption while requiring the minister to set application terms. The Public Utilities and Environment Committee has recommended further consideration of the proposal.
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