Focus on economic and tax legislation
The Shura Council is set to convene its 29th meeting of the third session of the sixth legislative term today to discuss several key legislative proposals aimed at enhancing Bahrain's financial, economic, and investment landscape.
At the forefront of the agenda is the report of the Financial and Economic Affairs Committee regarding Decree-Law No. (11) of 2024, which pertains to the regulation of tax on multinational enterprises.
The committee has recommended approval of the decree, which is viewed as a crucial step toward supporting the Kingdom's ongoing efforts to strengthen public revenue, diversify funding sources, and address the fiscal deficit.
Decree
The committee emphasised that the decree supports Bahrain's economic strategy by ensuring financial stability, promoting sustainable growth, and enhancing tax fairness and social justice.
It also aligns with international standards by establishing a local framework to implement the global minimum tax for multinational enterprise groups, in accordance with the OECD's base erosion and profit shifting (BEPS) guidelines.
In the same session, the Council will review another report from the Financial and Economic Affairs Committee concerning amendments to Law No. (9) of 2016 on specifications and standards, under Decree No. (2) of 2025.
The draft law proposes updates to the mechanisms for publishing national standards and technical regulations and introduces penalties for the unauthorized use or misrepresentation of such standards.
Proposed amendments
According to the committee, the proposed amendments aim to modernise the regulatory framework by expanding the structure and membership of the National Committee for Standards and Metrology.
This will ensure broader representation across relevant sectors and improve responsiveness to evolving industrial and commercial needs.
The Council will also examine two foreign agreements aimed at enhancing Bahrain's international investment ties.
The first, submitted under Decree No. (9) of 2025, concerns the ratification of an agreement with the Republic of Korea to encourage and protect investment.
The agreement is designed to stimulate economic cooperation and create favorable conditions for bilateral investment initiatives.
Draft law
Under Decree No. (12) of 2025, the Council will consider a draft law ratifying an agreement with the Sultanate of Oman on the elimination of double taxation and the prevention of tax evasion concerning income taxes.
This agreement seeks to strengthen economic and trade ties between the two countries and foster a more transparent and cooperative tax environment.
The Shura Council's review of these legislative proposals reflects its continued role in shaping Bahrain's economic and legal infrastructure to support sustainable development and international competitiveness.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Tribune
2 days ago
- Daily Tribune
Bahrain Marks 51st Anniversary of Arab Parliamentary Union with Message of Unity and Cooperation
Chairman of Bahrain's Shura Council, Ali bin Saleh Al Saleh, has praised the vital role played by the Arab Parliamentary Union in supporting key Arab issues and strengthening parliamentary ties among Arab nations. His comments came in a statement marking the 51st anniversary of the Union's founding. Al Saleh extended his warm congratulations to Ibrahim Boughali, Speaker of Algeria's National People's Assembly and current President of the Arab Parliamentary Union, lauding his ongoing efforts to boost cooperation and coordination between Arab parliaments on shared concerns. He emphasized that the Shura Council in Bahrain remains committed to deepening bilateral collaboration with other Arab legislative bodies and advancing unified stances on regional matters. 'Such efforts reflect the deep-rooted brotherly relations between Arab countries and our shared commitment to joint progress,' he noted. The Shura Council chairman also congratulated Dr. Ahmed bin Alawi Baaboud, Secretary-General of the Arab Parliamentary Union, for his contributions to modernizing internal procedures and promoting greater coordination and efficiency within the Union's operations. Al Saleh concluded by reaffirming Bahrain's commitment to continued engagement with the Arab Parliamentary Union, underscoring the importance of unity and cooperation in realizing the aspirations of the Arab people for development and prosperity.
Daily Tribune
3 days ago
- Daily Tribune
Talks on national plan for women's advancement
The Supreme Council for Women (SCW) held a coordination meeting with representatives from ministries and official institutions to present the 2025–2026 National Plan for the Advancement of Bahraini Women. The meeting highlighted the Council's commitment to national partnership in advancing women's development, in line with the long-term strategy launched in 2005 under the patronage of His Majesty King Hamad bin Isa Al Khalifa, with oversight by the Supreme Council for Women led by Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, Consort of His Majesty the King and President of the Council. It marked the beginning of a series of similar sessions the Council plans to hold with other national partners involved in implementing the plan, including institutions from the private sector and civil society. SCW Secretary- General Lulwa Al Awadhi outlined the structure and priorities of the new plan, which brings together initiatives that remain pending from previous phases, alongside programmes aligned with the current Government Action Plan.
Gulf Insider
5 days ago
- Gulf Insider
Schengen Area: EU Set To Toughen Visa-Free Travel Suspension Rules
The European Parliament and Council teams have agreed to allow the EU to suspend visa-free travel for short stays into the union. The decision comes after a reform of the mechanism to suspend short-stay visa-free travel into the EU was agreed upon, allowing the union to 'respond more flexibly when countries backslide on important principles of their visa waiver agreement, which can include security concerns and human rights violations'. The provisional agreement is yet to become law, as it needs to be formally adopted by both Parliament and Council. In future, violations of the United Nations Charter, severe breaches of international human rights or humanitarian law, and not complying with international court decisions will be valid grounds for suspending visa freedom. 'This helps align the grounds for suspension with the grounds for granting the visa waiver in the first place, and can create a deterrent effect,' the European Parliament said. With the new law, additional grounds for suspending the visa waiver will include hybrid threats, such as state-sponsored instrumentalisation of migrants aimed at destabilising or undermining society; and investor citizenship schemes ('golden passports'), which raise security concerns. A country's lack of alignment with EU visa policy, potentially making it a transit country for illegal entry into the EU, will also be a valid ground for suspending visa-free regimes. Existing grounds, including a lack of cooperation on readmissions, will be maintained. To deter third-country governments from violating the terms of their short-stay visa waiver agreement, the agreed law gives the EU more flexibility to target government officials (who may bear responsibility for a government's human rights breaches or other violations) with suspensions of visa freedom. Based on a proposal, it was agreed that the Commission can prevent member states from exempting from visa suspension diplomatic and service passport carrying government and state officials. After the vote, rapporteur Matjaž Nemec (S&D, Slovenia) said: 'Reformed visa rules will give the EU a revamped tool to respond to geopolitical situations and new threats. Visa policy can contribute to upholding EU values by ensuring that there are consequences when a foreign government breaches human rights and international law. In such cases, their government representatives and diplomats should have their visa-free access to the EU revoked, and this agreement makes that more likely.' Nationals of 61 third countries can currently travel to the Schengen area for short stays (up to 90 days in any 180-day period) without a visa. According to the current law, the European Commission, following a proposal by a concerned member state or on its own initiative, can start the process of suspending visa-free travel from third countries into the Schengen area, first temporarily, pending further investigation and dialogue with the country in question, and then permanently if the issues are not resolved.
