According to new legislation being considered by the Bahranian government, foreign investors will be entitled to significant tax and ownership incentives in a bid to boost international investment in the Middle Eastern state.
The proposals, contained in a bill seen by Gulf News, will allow foreign investors unprecedented access to the local economy permitting them to “take part in any project” - provided a Bahraini holds at least 51% of the capital. However, in certain instances, the Minster of Finance and National Economy may allow this stake to be increased from 49% to 100% says Khalifa Al Dahrani, speaker of Bahrain’s parliament, who introduced the bill.
The measures also set out a raft of tax advantages to lure foreign capital: "Foreign investors will be exempt from taxes; will enjoy facilities such as avoidance of double taxation, partial or full exemption from customs duties on raw material and equipment”, the Gulf News reports.
The bill will give foreigners access to most sectors of the nation’s economy, including, energy, minerals, industry, agriculture, health and education, though also calls for the establishment of a regulatory body overseeing foreign investment.
It is thought the bill will be debated in parliament in February this year.
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