Bahrain: Plans to increase VAT to 10% approved

Bahrain: Plans to increase VAT to 10% approved

Bahrain: Plans to increase VAT to 10% approved

Bahrain on Wednesday approved plans to increase value-added tax to 10 percent from the current 5 percent.

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The Cabinet referred last September a draft law to the parliament, to decide on increasing VAT starting Jan. 1, 2022.

Bahrain’s budget deficit will contract by half this year due to lower oil prices and the coronavirus disease pandemic boosted it to a record 18 percent of the economic output in 2020.