Model of productivity
The committee cleared 133 out of 137 files during the third session of the sixth term.
The figure was disclosed during a joint press conference yesterday hosted by the Council's secretariat, where all five standing committees presented their work.
In total, 396 items were completed across the Council's committee system.
Al Salloom said the financial committee dealt with a wide mix of subjects, including 33 draft laws, five royal decrees, 16 law proposals and 25 motions.
Reports
It also reviewed two reports on sovereign funds, the state's final account and 51 requests for opinion.
The committee issued 79 reports, held 43 meetings and sent out 574 official letters.
Speaking to The Daily Tribune, Al Salloom said one of the proposals now under review is to divert a share of revenue from taxes on multinational firms into the pension fund.
'The idea is to restore balance after pensioners lost their annual three per cent rise a few years ago,' he said.
Shortfalls
The committee has proposed this as a way to reduce shortfalls and help finance the return of that increase.
Other major topics handled by the committee included a proposed income tax on foreign investments and the public debt law, which now includes a fixed deadline for repayment.
He added that the secured transactions bill, which would allow troubled businesses to pledge movable assets, is expected to progress in the next session.
The lawmaker also confirmed that a final account for the Unemployment Insurance Fund had been submitted for the first time.
Economic agreements
Al Salloom also commented on Bahrain's recent economic agreements.
'They're there to build strong ties with nearby countries and attract more investment. The point is to draw in reliable capital, improve the economy and increase jobs for Bahrainis,' he said.
MP Mahmoud Fardan, chairman of the Legislative and Legal Affairs Committee, said his committee examined 58 matters, including four royal decrees, 23 draft laws, eight proposals, 21 motions, one Shura Council decision and a request to lift parliamentary immunity.
A further 155 topics were passed on for notice only. He said the committee completed 40 of its core items, giving it a 91 per cent finish rate.
Meetings
The committee held 27 meetings and sent out 337 letters. It produced 31 reports. One of the lengthier files, Fardan said, was the draft law on the legal profession, which was referred late in the session.
'We sent 33 questions to the Ministry of Justice over three stages and looked at similar laws in the Gulf and Egypt,' he said. 'This version brings in new lawyer lists, clearer fees, and a different structure.'
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