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  • 11-12-21

    Bahrain parliament agrees to increase its value-added tax to 10 percent

    (MENAFN) According to a Bahraini parliament member, the country’s parliament has agreed to the increasing of value-added tax to the double to reach 10 percent, a change that is part of strategies to repair the Gulf country’s severely indebted finances.

    Rated under investment score, Bahrain was withdrawn to prevent a credit crisis during 2018 with a USD10 billion fund from rich bordering countries Saudi Arabia, Kuwait as well as the United Arab Emirates.

    That package was associated to a group of fiscal changes, but after the Covid-19 pandmeic damaged its finances, Bahrain in September suspended ideas to balance its budget by two years and declared strategies to raise value-added tax.

    Based on Ahmed Al Salloom, a member of parliament and chairman of the Financial and Economic Affairs Committee statement on Wednesday, the Parliament acknowledged the procedure was "a critical pillar of the kingdom’s fiscal balance programme."

    MENAFN11122021000045013568ID1103341931

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