Bahrain has announced on October 31, 2021 that it will increases value-added tax (VAT) to 10 percent from 5 percent starting from 2022.
It gave details of a new economic growth and fiscal balance plan that pushes a zero-deficit target back by two years to 2024 from 2022.
A government statement said the updated fiscal balance program included reducing expenditure and project spend, streamlining distribution of cash subsidies to citizens, and new government services revenue initiatives.
Bahrain delayed plans to fix its heavily-indebted finances because of the pandemic, but had said in September that data from February 2020 showed it exceeded targets set in the initial medium-term fiscal plan.
Source Saudi Gazette
Latest Posts in "Bahrain"
- Bahrain Updates Global Minimum Tax FAQs and VAT Deregistration Manual for Enhanced Compliance
- Bahrain Updates DMTT FAQs and VAT Deregistration Guidance for Enhanced Tax Compliance
- NBR Releases Updated VAT Deregistration Manual with Step-by-Step Guidance
- MP Proposes VAT-Free Zone Near Khalifa Port to Boost Re-Export and Ease SME Cash Flow
- Bahrain Parliament to Debate VAT Exemption for Social and Youth Associations
