- May 13, 2018
- Posted by: VatMan
- Category: Press Room
Article published by and copyright of KhaleejTimes.com
We aim to have everything set up by the end of 2018, says Finance Minister.
Bahrain will go ahead with imposing a value-added tax to strengthen state finances, Minister of Finance Sheikh Ahmed bin Mohammed Al Khalifa said on Wednesday.
“We’ll be working with parliament on VAT and aim to have everything set up by the end of 2018,” Sheikh Ahmed told an investment conference in Manama, without giving a firm date for when the tax would be launched.
Bahrain, its sovereign debt rated “junk” by major credit rating agencies because of low oil prices, needs to diversify state revenues beyond oil. It originally planned to introduce VAT at a 5 per cent rate last month, at the same time as Saudi Arabia and the UAE.