Bahrain's parliament has approved the doubling of value-added tax to 10 per cent, a member of parliament said on Wednesday.
The Parliament recognised the measure was "a critical pillar of the kingdom’s fiscal balance programme", Ahmed Al Salloom, member of parliament and chairman of the Financial and Economic Affairs Committee, said in a statement.
The VAT increase, expected to start next year, could contribute receipts of about 3 per cent of gross domestic product in the next few years, up from about 1.7 per cent this year, ratings agency S&P Global Ratings has estimated.
"The successful approval of the VAT increase by parliament is a critical milestone within our economic recovery plans and our aim of achieving a balanced budget by 2024," the ministry of finance said.
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