The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) has proposed several economic measures for the government to consider. These policies would mend the ailing economy battered by the ongoing conflict in Ukraine, the prolonged COVID-19 pandemic, and rising inflation.
According to the committee, these measures will maintain SMEs’ competitiveness, and alleviate the financial hardship of members of the public.
These policies include continuing diesel subsidy for another three months, along with reducing excise tax for diesel for another three months. The JSCCIB said the administration should look into reducing the cost of raw materials by reducing export tariffs and increasing the export quota for crucial items such as fertilizers.
The joint standing committee also suggested the government help entrepreneurs increase their liquidity by expediting tax returns and providing more low-interest loan schemes. Authority can also improve public spending by continuing the 50-50 copay and the “We Travel Together” campaigns.
The JSCCIB recommended the administration fully lift COVID-19 restrictions on economic activities, giving more freedom to businesses especially those in the entertainment industry. The government should also seek approaches to reduce other burdens on entrepreneurs such as reducing land tax collection.
The JSCCIB also supports the idea of fully opening the Kingdom.