H.E. Sheikh Mohammed bin Khalifa bin Khalifa, Bahrain’s Minister of Oil, stressed that all necessary measures should be taken not to collect value added on the oil and gas sector and its derivatives in the basic goods and services that are exempted from the Value Added Tax (VAT).
Moreover, H.E. the Minister of Oil noted that the Ministry of Oil is fully prepared to ensure the smooth operation of the oil derivatives supply and access to the consumer when applying the value added according to the current price and the application of the exemption included in the oil and gas derivatives.
In parallel, Bahrain’s Information and e-Government Authority revealed that the annual adjusted GDP growth of the Kingdom, slowed in the third quarter of this year as the oil and non-oil sectors declined.
GDP grew slower in the third quarter by 1.6 percent, from 2.5 percent in the second quarter. Meanwhile, the oil sector contracted by 1.5 percent in the third quarter, while the non-oil sector grew by 2.4 percent.
Source (Economic Bulletin website, Edited)
