Government to pay 5 percent
on growth of industrial exports
New decree replaces a decision to pay
manufacturers three percent on all exports
The government has issued a decree to support manufacturers with a five percent cash stipend on all additional exports realized in one year as compared to the preceding one.
Factories that are export $10 million in the first year, for instance, and export $12 million in the second year, will benefit from five percent support on the additional $2 million.
The five percent will be paid annually through the Ministry of Finance to the qualifying industrial companies, according to the Ministry of Industry (MoI).
The decision still requires approval from Parliament.
The Ministry of Industry previously proposed to the government to return three percent of the value of all industrial exports to the industrialists. “This decision is an alternative, and has the same positive impact,” said Fady Gemayel, Chairman of the Association of Industrialists.
Date Posted: Oct 17, 2019