Bahrain to double VAT to 10%: Reports

RIYADH: Bahrain plans to increase value-added tax to 10 percent in a bid to curb budget deficits and boost state revenue

RIYADH: Bahrain plans to increase value-added tax to 10 percent in a bid to curb budget deficits and boost state revenue, Bahraini media outlets reported on Sunday.

According to a report published in a section of the Bahraini press, the legislators also discussed the options of reducing wages or social welfare given to nationals to bolster the economy.

According to IMF estimates, Bahrain’s budget deficit will contract by half this year after lower oil prices and the coronavirus pandemic boosted it to a record 18 percent of economic output in 2020.