Private sector businesses in Bahrain on Thursday welcomed the Government’s decision giving six month exemption from the monthly BD10 LMRA levy, starting from April 1, 2011.
The decision was part of the Government’s ongoing efforts to provide support to the small and medium enterprises hit by the recent events in the region and Bahrain.
His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa received at his Riffa Palace His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and Economic Development Board Chairman.
Both leaders discussed means of invigorating the trade and economic momentum as well as ways of supporting the private sector and helping owners of small and medium companies overcomes difficulties.
Both leaders gave their directives to take a set of measures including suspension of the BD 10 labour market fee on every worker for six months with effect from April 1, 2011. They tasked concerned authorities to take the necessary legal, technical and administrative procedures for that.
The leaders also instructed the Central Bank of Bahrain (CBB) to coordinate with banking establishments operating in Bahrain to streamline procedures for businessmen regarding mainly loans and related obligations of the private businesses.
They also directed the Labour Ministry and the Labour Market Regulatory Authority to streamline procedures for obtaining licences to bring in new expatriate workers as substitutes for those who have already left the Kingdom.
Both leaders directed to speed up putting government projects to tender to maintain pace of the economic momentum and instructed the Finance Ministry to accelerate payment of government bills.