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Majlis Nod to Financial Transparency Bill

Majlis Nod to Financial Transparency Bill Majlis Nod to Financial Transparency Bill

Lawmakers have agreed to fast-track a bill that seeks to promote transparency in non-governmental public entities on Wednesday with a majority of lawmakers supporting the measure that would make disclosure of financial data mandatory for all public firms. According to ICANA, the parliament’s news website, out of the 201 present MPs, 129 voted in favor of the measure, 17 were against with 11 abstained. The bill proposes that if these entities fail to abide by the transparency measures, they will face penalties such as extra income tax by 10 percentage points and an increase in the share of employer’s insurance share by 10 percentage points. The bill also requires the Ministry of Economy to report the progress on the aforementioned measure annually to the parliament.  Farid Mousavi, a member of Majlis Plan and Budget Commission and one of the authors of the bill, said the promotion of transparency was key to exiting the current economic problems. 

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