Four stages of rent ex­emp­tions set for in­vest­ment ac­tiv­i­ties in co-ops HH the Deputy Amir re­ceives State of­fi­cials

MoSA has author­ity to su­per­vise co­op­er­a­tive so­ci­eties: of­fi­cial

Arab Times - - LOCAL/GULF -

His High­ness the Deputy Amir and Crown Prince Sheikh Nawaf Al-Ah­mad Al-Jaber Al-Sabah re­ceived at Seif Palace on Sun­day the Speaker of the Na­tional As­sem­bly Mar­zouq Ali Al-Ghanim.

Mean­while, HH the Deputy Amir also re­ceived at Seif Palace, His High­ness the Prime Min­is­ter

Sheikh Sabah Al-Khalid Al-Ha­mad Al-Sabah.

Also, His High­ness the Deputy Amir re­ceived the Pres­i­dent of the Supreme Ju­di­cial Coun­cil and the Pres­i­dent of the Court of Cas­sa­tion and Pres­i­dent of the Con­sti­tu­tional Court Yousef Jas­sim Al-Mu­taawa.

His High­ness the Deputy Amir also re­ceived Deputy Prime Min­is­ter and Min­is­ter of In­te­rior and Min­is­ter of State for Cab­i­net Af­fairs Anas Khalid Al-Saleh. Fur­ther, the Deputy Amir re­ceived the Min­is­ter of For­eign Af­fairs and Act­ing Min­is­ter of De­fense Sheikh Dr Ah­mad Nasser Al-Mo­ham­mad Al-Sabah. (KUNA)

KUWAIT CITY, Sept 27: Un­der­sec­re­tary of Min­istry of So­cial Af­fairs Ab­du­laziz Shuaib af­firmed that the min­istry has the author­ity to su­per­vise co­op­er­a­tive con­sumer so­ci­eties in ac­cor­dance with Ar­ti­cle No. 27 of the Law No. 24/1979, which grants it the pow­ers of su­per­vi­sion and con­trol over the work of co­op­er­a­tive so­ci­eties, re­ports Al-Anba daily.

In a press state­ment, Shuaib stressed that the Min­istry of So­cial Af­fairs, since the start of the COVID-19 pan­demic, has con­sis­tently ap­plied the Cab­i­net’s de­ci­sions that were aimed at im­ple­ment­ing a set of eco­nomic re­forms to ad­dress the reper­cus­sions of the pan­demic. Th­ese de­ci­sions prompted the min­istry to take a de­ci­sion to ex­empt in­vest­ment branches from pay­ing rents as per a plan with four stages.

Re­gard­ing the sta­tus of the in­vest­ment branches in co­op­er­a­tive so­ci­eties, he said the min­istry is­sued a cir­cu­lar to the Union of Con­sumer Co­op­er­a­tive So­ci­eties that in­cluded the min­istry’s plan to ex­empt in­vestors.

Shuaib ex­plained that the plan was pre­pared af­ter re­fer­ring to the de­ci­sions is­sued by the con­cerned gov­ern­ment agen­cies and based on the stages and time sched­ule pre­pared by the gov­ern­ment au­thor­i­ties which are as fol­lows:

Dur­ing the first stage, which be­gan from March 22 even be­fore the to­tal lock­down was im­posed on May 9, it was de­cided to re­duce the rents of in­vest­ment branches by 50 per­cent for ac­tiv­i­ties per­mit­ted by the mu­nic­i­pal­ity, and by 100 per­cent for the ac­tiv­i­ties that the mu­nic­i­pal­ity did not per­mit but are in line with the mu­nic­i­pal­ity’s de­ci­sion No. 703/2020 that or­ga­nizes the ac­tiv­i­ties au­tho­rized to op­er­ate dur­ing this pe­riod.

The sec­ond stage was from May 10 to May 31 dur­ing which the to­tal lock­down was im­posed. Dur­ing this stage, it was de­cided to re­duce the rents for all ac­tiv­i­ties by 100 per­cent.

Dur­ing the third stage from June 1 to Au­gust 30, the rents of all ac­tiv­i­ties were re­duced by 50 per­cent, ex­cept for those that were banned such as sa­lons and tai­lor shops, which were ex­empted from pay­ment of rents.

In the fourth stage, which was sched­uled from Septem­ber 1, rent pay­ment from all in­vest­ment branches was reestab­lished.

Shuaib said, “Since the out­break of the pan­demic, the coun­try has been ex­posed to an ex­cep­tional cir­cum­stance dur­ing which the ef­forts of gov­ern­ment agen­cies rep­re­sented by the Min­istry of So­cial Af­fairs, and the co­op­er­a­tive so­ci­eties were fo­cused on cush­ion­ing the su­per­mar­kets and their in­vestors from the neg­a­tive reper­cus­sions of the COVID-19 cri­sis.”

He stressed that the de­ci­sion to ex­empt in­vest­ment branches was set with spe­cific cri­te­ria and ra­tios con­sis­tent with the de­ci­sions of the com­pe­tent au­thor­i­ties in or­der to rem­edy the eco­nomic sit­u­a­tion of the state fol­low­ing the to­tal and par­tial lock­down pe­ri­ods to en­cour­age Kuwaiti in­vestors in the co­op­er­a­tive so­ci­eties.

KUNA pho­tos

HH the Deputy Amir re­ceives Speaker Al-Ghanim.

Left: HH the Deputy Amir re­ceives HH the PM, and (right) Al-Mu­taawa.

Ab­du­laziz Shuaib

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