Bahrain Oil Products to be Excluded from VAT Implementation
2018-12-26 - 10:06 p
Bahrain Mirror- Reuters: 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 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.
Introducing VAT at 5 percent was part of a Gulf Cooperation Council agreement in 2018, a big step for governments that have traditionally levied little tax and relied instead on oil revenues.
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