The Bahraini Cabinet approved a draft law amending the value-added tax, and increasing it from the current 5% to 10% starting from January 2022. The council referred the draft law to amend the value-added tax to the parliament for approval.
The government of Bahrain revealed that the annual growth of real GDP reached 5.7 percent in the second quarter of 2021, while the nominal GDP grew by 20.7 percent on an annual basis in the period from April to June, while the gross domestic product grew Non-oil 12.8 percent. Real GDP growth reached 5.7 percent on an annual basis in the second quarter of this year, and the non-oil real growth rate reached 7.8 percent on an annual basis in the second quarter, and it is planned to adjust operating expenses, which will allow targeting a balanced budget by 2024. The Kingdom of Bahrain began implementing the VAT on January 1, 2019 at the basic rate of 5% on all goods and services, with the exception of some goods and services that are subject to value added at 0% or those exempted from value added as specified in the VAT law and its executive regulations.
Source (Al-Arabiya.net Website, Edited)
