Bahrain: Proposed New Bill To Implement Corporate Income Tax

Bahrain: Amendment to 2014 State Information and Documents Protection Law Approved News developments

Bahrain: Proposed New Bill To Implement Corporate Income Tax

The Daily Tribune, 19 June 2024: Bahraini lawmakers have proposed a new law to introduce a corporate income tax, aiming to foster sustainable economic growth and improve collaboration between the public and private sectors.

This initiative seeks to achieve balanced development, contributing to the prosperity and well-being of citizens.

The proposed legislation establishes a comprehensive framework for a tax system governing companies operating in the Kingdom of Bahrain.

The memoranda accompanying the new bill emphasises that it has been proposed to exempt lower-income individuals from taxation, ensuring that the minimum standard of living is not compromised.

The bill also highlights the alignment of this initiative with the nation’s broader strategy of diversifying its revenue sources beyond natural resources like oil and gas.

Additionally, the memoranda states that the new bill aims to revitalise the national economy by imposing taxes on financial institutions and commercial companies engaged in specific economic activities, as outlined in the proposed legislation.

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Tanya Jain