Bahrain on course to implement VAT from January 1 2019

Published on Saturday, 5 January , 2019 176 Views

Bahrain News

#Bahrain #implement #VAT

Bahrain’s parliament has approved the introduction of 5 percent value-added tax (VAT) in the kingdom from January 1 2019, it was announced on Sunday.

UAE, KSA, Kuwait to Enhance Bahrain Fiscal Stability

The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…

According to the state-run Bahrain News Agency (BNA), the country’s House of Representatives voted on the introduction of VAT in an extraordinary session ordered by royal decree.

The bill, which would see Bahrain join the UAE and Saudi Arabia in implementing VAT, must also be approved by the parliament’s Upper House, which is expected to hold a similar session later this week.

“The introduction of VAT will be a big challenge for the local Bahrain market,” said Michael Camburn, Bahrain Indirect Tax Leader at Deloitte Middle East. “Businesses now have less than four months to be prepared for these changes.”

Camburn added that “if organisations have so far not yet started, they should start immediately assessing the impact of the tax on their operations.”

The implementation of VAT was one of a number of reforms announced by Bahraini authorities, which also includes changes to its pension system and a new subsidy programme.

Last week, Bahrain announced a fiscal overhaul meant to balance its budget by 2022, backed up by a $10 billion economic support package from Saudi Arabia, the UAE and Kuwait.

The plan aims to $2.1 billion a year as Bahrain looks to curb its debt after years of lower oil prices.

Bahrain to Implement VAT in 2019

Bahrain will be the next country to implement five per cent value-added tax (VAT) after the UAE and…

Keywords: Bahrain implement VAT
Category Bahrain News | 2019/01/05 latest update at 3:10 PM
Source : Arabian Business | Photocredit : Google

177 Views
Comments Add comment

Bahrain launches 100 MW PV tender

United Arab Emirates vs Bahrain UNCUT /...

AFC Asian cup 2019: Live score of...

The editorial staff of Bahrain Today would like to give all of its readers from Gulf and Bahrain and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bahrain Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.