Bahrain oil products to be VAT-exempt

Bahrain oil products to be VAT-exempt
Bahrain will exclude oil products from a value-added tax (VAT) due to be implemented next year.

manama - The tax is due to be implemented next year



Bahrain will exclude oil products from a value-added tax (VAT) due to be implemented next year, part of an essential goods exclusion from the tax, Oil Minister Sheikh Mohammed bin Khalifa Al-Khalifa said on Tuesday in remarks carried by the state news agency.

Bahrain's upper house gave final approval to a draft law of the tax in October.

Meanwhile, Bahrain's annual growth in gross domestic product (GDP), adjusted for inflation, slowed in the third quarter of this year as both the oil and non-oil sectors lost momentum, the government's statistics website showed.

GDP grew 1.6 per cent from a year earlier in the third quarter, slowing from 2.5 per cent in the second quarter. The oil sector shrank 1.5 per cent in the third quarter, while the non-oil sector grew 2.4 per cent. - Reuters


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