iPhone | iPad
Android
Huawei
'New work volumes rose sharply, supporting the fastest upturn in business activity for almost two-and-a-half years'
Economy2 weeks ago
KT APPDOWNLOAD
Bahrain to double value-added tax from 5 to 10%
The change is expected to go into effect next year
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.
ALSO READ:
More news from Economy
Govt will examine as soon as possible what steps it can take to avoid such an incident from happening again: PM Kishida
Economy1 month ago
India's RBI had last revised its policy repo rate or the short-term lending rate on May 22, 2020.
Economy1 month ago
The UAE economy recorded the 12th consecutive month of growth in November.
Economy1 month ago
Omicron has sparked more anxiety than any other variant since the emergence of Delta
Economy1 month ago
'The Pakistani authorities and IMF staff have reached a staff-level agreement on policies and reforms'
Economy2 months ago
Data provided by the Business Registration and Licensing sector at Dubai’s Department of Economy and Tourism revealed that 55,194 new business licences were issued during the first 10 months of 2021
Economy2 months ago
The Mexican economy remains exposed to risks, including from the impact of Covid-19, and the flexible credit line will provide insurance against those risks and bolster market confidence, according to the IMF
Economy2 months ago