4/5/2024 0 Comments Value added tax by countryIn 2018 it received a $10 billion financial aid programme from Gulf allies that helped it avoid a credit crunch.Īmending the law on 5% VAT, which Bahrain introduced in 2019 as part of plans to fix its finances and increase non-oil revenues, is being discussed between the government and parliament, the parliamentary source said. The small Gulf state has accumulated a large pile of debt since the 2014-2015 oil price shock. The government’s communications office did not immediately respond to a request for comment.īahrain’s economy contracted by 5.4% last year, the International Monetary Fund has said, as the pandemic hurt vital sectors such as energy and tourism. DUBAI (Reuters) – Bahrain is considering doubling value added tax to 10% to boost state revenues and reduce its budget deficit, a Bahraini parliamentary source and a source close to the government told Reuters, confirming local media reports.
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