Bahrain: Green light for new corporate tax
Bahrain - Parliament yesterday unanimously approved a new tax on multinational enterprises (MNEs).
MPs held a retrospective vote on a royal decree issued by His Majesty King Hamad on the Domestic Minimum Top-up Tax for MNEs Law, during the National Assembly recess last year.
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said 348 multinational companies operating in Bahrain would fall within the scope of the new law, with projected annual tax revenues of approximately BD130 million.
He added that the tax would prevent revenue loss and enhance Bahrain's economic environment by fostering stability and transparency.
Shaikh Salman emphasised the government's dedication to fiscal sustainability and said the tax would also reinforce the country's attractiveness as a destination for responsible foreign investment.
The minister's response followed a parliamentary enquiry from first deputy speaker Abdulnabi Salman regarding the anticipated impact of the tax on multinational projects operating in the kingdom.
The minister highlighted Bahrain's participation in the Organisation for Economic Co-operation and Development (OECD) Inclusive Framework since 2018, alongside more than 140 countries, including GCC members.
'This initiative is part of global efforts to combat base erosion and profit shifting (BEPS), ensuring that profits are taxed where economic activities generating them take place,' he explained.
'By adopting the OECD's Pillar Two Model Rules, we are taking a proactive step to uphold international tax fairness, prevent revenue leakage and maintain Bahrain's reputation as a transparent and co-operative jurisdiction,' Shaikh Salman noted.
Pillar Two establishes a global minimum corporate tax rate of 15 per cent for large multinational companies, applicable to firms operating in multiple countries and earning at least 750 million euros in revenues in at least two of the past four years.
'Implementing this tax prevents other countries from claiming taxes on profits generated in Bahrain,' Shaikh Salman said.
Journalists were yesterday honoured at Parliament during a celebration to mark the Bahrain Press Day, which falls today, and the World Press Freedom Day, which was marked on Saturday.
Celebrations were organised by MP Hamad Al Doy in the presence of Social Development Minister Osama Al Alawi and Parliament's financial and economic affairs committee chairman MP Ahmed Al Salloom.
Earlier during the session, Parliament Speaker Ahmed Al Musallam read out a statement on both occasions.
GDN Chief Reporter Mohammed Al A'ali was honoured for long time coverage of legislative work since its introduction in 2002.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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