ECONOMY

Bahrain’s parliament approves draft VAT law

Skyline of Manama in the Kingdom of Bahrain. (Shutterstock)

Bahraini legislators approved a draft law on Sunday that would see value-added tax (VAT) imposed for the first time in the kingdom, starting from 2019, state news agency BNA reported.

The House of Representatives approved a Gulf Arab agreement to introduce a VAT after a royal decree ordered parliament to hold an extraordinary session on Sunday, BNA reported, without giving any further details.

The bill is yet to be approved by the parliament’s upper house, which is expected to hold a similar session later this week.

Saudi Arabia and the United Arab Emirates are the first two countries introducing VAT at a 5 percent rate which was part of a Gulf Cooperation Council (GCC) agreement in 2018.

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Last Update: Sunday, 7 October 2018 KSA 19:12 - GMT 16:12
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