Bahrain approves draft VAT law

Monday, October 8, 2018

Bahraini legislators approved a draft law yesterday that would see value-added tax (VAT) imposed for the first time in the kingdom, state news agency BNA reported. The House of Representatives approved a Gulf agreement to introduce VAT after a royal decree ordered parliament to hold an extraordinary session yesterday, BNA reported, without giving details of the vote. The move came a few days after Bahrain’s wealthier neighbors Saudi Arabia, the UAE and Kuwait offered a $10 billion aid package to avoid the risk of a debt crisis in the country, which was also tied to fiscal reforms. The bill is yet to be approved by the parliament’s upper house, which is expected to hold a similar session later this week. Introducing VAT at a 5 percent rate was part of a GCC agreement in 2018.

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Bajrangi Bhai
Monday, October 8, 2018
Acche din for Indians in Bahrain

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