Economic Board shall submit a proposed amendment to the draft 2017 budget law

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Economic Council, announced Wednesday, submitted a proposal for amendment to the draft federal budget for 2017 Act, to the House of Representatives.

Council President Ibrahim al-Masoudi said in a statement obtained by "Economy News," a copy of it, that "because of the necessity and the urgency to maximize resources and provide jobs for the purpose of encouraging and supporting the national industry, so we propose to amend Article 36 and 28 of the federal budget for the 2017 law."

He added that "the amendment includes: Second paragraph added to Article 36 which, as an exception and what is mentioned in the first exempted from duties of imported raw materials and components by the general productive sector companies which are contained in its name and its use exclusively in the production processes."

He said President of the Council, that "the amendment includes, adding the phrase (and any local product) on Article 28 to be as follows, federal ministries, provinces and departments not associated with the Ministry is committed to purchase their requirements from the federal ministries products (Wi local product)."

 He said al-Masoudi, "that at least the added value of these bundled products and manufactured on (25%) of the cost of import value added to them and to the local product prices are not higher than the imported counterparts by more than 10%, taking into account the quality and quality specifications."

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