September 27, 2018 / 1:33 PM / 2 months ago

Bahrain plans to approve VAT, pension reform laws before election: sources

DUBAI (Reuters) - Bahrain plans to get structural reforms through parliament before a November election, including the introduction of value-added tax (VAT) and changes to the pension system, sources familiar with the matter said.

The reforms are part of efforts to fix public finances hit hard by the drop in oil prices which also pushed Bahrain’s dinar to its lowest in more than a decade.

The move also paves the way to an integrated program from Bahrain’s wealthier neighbors, which have said they will support its economic reforms and fiscal stability.

Bahrain will hold a parliamentary election on Nov. 24, the second ballot since 2011 when protesters took to the streets demanding more democracy.

Parliament will hold an extraordinary session in October to approve the two laws, the sources said.

Editing by Robin Pomeroy

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