Get ready for VAT

Manama : The Ministry of Finance has announced its commitment to implementing the Value Added Tax (VAT) in 2018.

The move, according to the Ministry, falls within the framework of a joint commitment of the GCC member states and in line with the decisions of the GCC leaders as well as the unified agreement concluded in this regard.

The Ministry added that the government will take all procedures in cooperation with the legislative branch to approve VAT law, prepare the private sector and the commercial institutions and ensure the provision of the needed logistic and technical preparations.

Similar procedures were taken last year regarding preparation to implement the tax on selected commodities which became effective last December and includes tobacco and its by-products as well as fizzy and energy drinks.