House of Representatives Passes VAT, Shura Council to Approve it on Tuesday

2018-10-08 - 7:12 p

Bahrain Mirror: Bahraini House of Representatives approved a draft law on Sunday (October 7, 2018) imposing value-added tax (VAT) for the very first time in Bahrain.

Parliament's financial and economic affairs committee rejected the value added tax decree at the beginning. However, following a meeting with speaker of the chamber of deputies, it withdrew its recommendation regarding rejecting the decree.

The House of Representatives approved a Gulf Arab agreement to introduce VAT after a royal decree ordered parliament to hold an extraordinary session on Sunday.

The bill is yet to be approved by the Shura Council, which is expected to hold a similar session on Tuesday.

Introducing VAT at a 5 percent rate was part of a Gulf Cooperation Council (GCC) agreement in 2018.

Other sensitive reforms, including changes to the pension system and a new subsidy program, are still pending as part of Bahrain's efforts to fix its public finances.

Arabic Version



المصدر: Bahrain Mirror
رابط الموضوع: http://www.bahrainmirror.com/en/news/49660.html