Bahrain Mirror: The Bahrain Chamber of Commerce and Industry (BCCI) has proclaimed its commitment to the implementation of the Value Added Tax (VAT) following its recent adoption by the Shura Council and the House of Representatives.

"The implementation of VAT is a real translation of the increasing urgent need for long-term fiscal sustainability and easing of financial burdens on governments, amid a continuing sharp decline of oil prices, the necessity of reform of the GCC tax system and diversification of income sources away from the oil sector," said the Chamber in a statement.

The Chamber further pointed out that the VAT covers all goods and services, with some exceptions regarding basic commodities, as well as education, health care, public transport and housing, noting that the Chamber will organize an awareness workshop on the implementation schedule and all relevant technical and procedural details after the approval of the tax legislation yesterday by the legislative authority.

Arabic Version