Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Bahrain is set to join Saudi Arabia and the UAE in implementing VAT from 1 January. Having delayed implementation by one year, Bahrain will become the third of the six GCC states to implement the Unified GCC Agreement for Value Added Tax (VAT) at a rate of 5%. Oman says September 2019 is a possibility for implementation, but won’t yet commit.
Meanwhile, Kuwait says it won’t introduce VAT until 2021, while Qatar has been out in the cold since the Saudi-led embargo began in June 2017. Bahrain’s budget projects a $3.5bn deficit this year and needs all the additional revenue it can get. The IMF sees debt this year reaching 98.6% of GDP, the highest in the GCC. (CONTINUED - 115 WORDS)