VATupdate

Bahrain VAT rate hike may boost sales of UAE retailers

  • In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018
  • Bahrain followed a year later, and Oman brought in the tax in April 2021

Bahrain, the smallest Gulf country, is planning a 100 percent increase in the value-added tax or VAT rate, effective from January 2022.

In the GCC, Saudi Arabia and the UAE were the first to introduce a VAT system in January 2018. Bahrain followed a year later, and Oman brought in the tax in April 2021. Qatar and Kuwait have yet to introduce it.

The initial rate of VAT in the four countries was 5 percent. However, Saudi Arabia tripled its VAT rate in July 2020 to 15 percent, and it seems Bahrain will now double its rate to 10 percent.

Source Trendsmena

  • For all other newsitems on VAT in UAE, click HERE
  • For all other newsitems on VAT in Bahrain, click HERE

 

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