Bahrain Shura Council Approves Value-Added Tax increase to 10%
- Publish date: Monday، 13 December 2021
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Bahrain's parliament has approved the doubling of value-added tax to 10% on Wednesday.
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The Parliament recognised the measure was "a critical pillar of the kingdom’s fiscal balance programme", Ahmed Al Salloom, member of parliament and chairman of the Financial and Economic Affairs Committee, said in a statement.
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Bahrain's Shura Council has today approved the doubling of value-added tax from 5 to 10%.
The VAT increase, likely to start on January 1, 2022, could contribute receipts of about 3%of gross domestic product in the next few years, up from about 1.7% this year.
"The successful approval of the VAT increase by parliament is a critical milestone within our economic recovery plans and our aim of achieving a balanced budget by 2024," the ministry of finance said.