October 8, 2018 / 2:37 PM / in 7 months

Bahrain's parliament gives final approval to VAT law -BNA agency

DUBAI, Oct 8 (Reuters) - Bahrain’s upper house gave final approval to a draft law on Monday that will see value-added tax (VAT) imposed for the first time, state news agency BNA reported.

The lower House of Representatives approved the bill on Sunday after a royal decree ordered parliament to hold an extraordinary session.

Introducing VAT at 5 percent was part of a Gulf Cooperation Council (GCC) agreement in 2018, a big step for governments that have traditionally levied little tax and relied instead on oil revenues. (Reporting By Aziz El Yaakoubi Editing by Robin Pomeroy)

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