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 Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, raised the concerns when he addressed the media on behalf of the Minority on Tuesday, November 10.
Under the programme, government announced a 50 per cent tax rebate for companies operating three shifts and a 25 per cent rebate for those running two shifts.
Other incentives included import duty waivers on machinery, discounted night-time electricity tariffs and round-the-clock port clearance.
However, Dr Amin Adam said the Minority wanted to know whether the proposed incentives had been submitted to Parliament for approval, how many companies had been certified to benefit and the total revenue government had forgone through the arrangements.
He also questioned whether the promised Time-of-Use electricity tariff had been implemented for businesses operating at night, and called for the publication of the full list of beneficiary companies.
“The Government must account for the implementation of the tax incentives it promised the private sector under the original 24-Hour Economy before it talks about new incentives in the 2027 Budget,” Dr Amin Adam said.
The Minority insists that government must provide these details and demonstrate transparency over the commitments made to businesses before announcing further incentives.