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IMF pushes for Corporate Tax, VAT in Bahrain
Zone(s): Bahrain ¦ Sector(s): Taxation
[23 June 2014, Tax-News.com] By Lorys Charalambous, Tax-News.com, Cyprus: Authorities in Bahrain should implement a comprehensive income tax and seek to quickly introduce a regional value-added tax in cooperation with other Gulf Cooperation Council states, the International Monetary Fund said in its latest report, which focused on how to build the non-oil sector revenue base. Under Bahrain’s tax regime, only the profits of companies engaged in the exploration, production, and refining of oil and gas are subject to corporate income tax, at a flat rate of 46 percent of profits.