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Bahrain Commits To Introducing VAT This Year

by Lorys Charalambous, Tax-News.com, Cyprus

05 January 2018


Bahrain has affirmed that it will introduce the Gulf Cooperation Council's value-added tax framework by the end of the year.

The Finance Ministry said on January 2 that the Government will cooperate with lawmakers towards the approval of the VAT law, in addition to preparing the private sector and commercial institutions in Bahrain, and ensuring provision of the necessary logistical and technical preparations.

Bahrain would then join the United Arab Emirates and Saudi Arabia, which introduced the tax from January 1, 2018.

Kuwait and Oman have ruled themselves out of introducing the levy this year and Qatar has yet to release a statement on the matter.

The GCC VAT was agreed between the six-member bloc in 2017, to diversify their revenue bases away from oil revenues. It features a five percent headline rate and a broad base, with some discretion provided to countries in determining exemptions and zero-rated items within the bounds set by the GCC agreement.

TAGS: VAT rates | tax | value added tax (VAT) | VAT legislation | Bahrain | legislation

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