Bahrain says no plan to impose taxes
Manama, August 30, 2011
Bahrain Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa said there were no plans to impose taxes for now.
However, he reaffirmed the government’s policy to restructure and re-channel state subsidies – rather than reduce them – to benefit only deserving people.
“The plan to restructure and redirect government subsidies is being gauged as part of comprehensive studies to implement all National Dialogue recommendations related to the economy, through legal and constitutional channels,” he said.
He was reacting to a report ‘Finance Minister: taxes under study in Bahrain’ in Al Wasat newspaper on Friday.
“The report which quotes excerpts from an interview with the US daily Washington Times gives the false impression that this issue is being studied,” Shaikh Ahmed added.
He pointed out that the issue was raised as part of the economic suggestions of the Dialogue.
The participants in the economic theme of the Dialogue approved 82 recommendations under three main themes – consolidating economic competitiveness (42), public money governance (22) and standard of government services (18).
The suggestions called for new mechanisms to be explored to subsidise food products and redirect them to only benefit deserving citizens.
They also raised the possibility of imposing indirect taxes. Income taxes may also be imposed on companies and large enterprises, taking into account GCC policies.-TradeArabia News Service
More Finance & Capital Market Stories
- Mashreq to enhance mobile banking app
- NBK Capital exits Turkey hospital chain
- Abu Dhabi holding firm Senaat plans share sale
- Iraq Trade Bank to expand into Lebanon, Turkey
- UAE’s non-oil job, output levels surge
- New Bahrain drive to aid young entrepreneurs
- Arabtec $650m rights issue to open on June 9
- LIC Bahrain sees 23pc premium growth in 2012
- Gold slips after Bernanke comments
- Xpress Money offers free life insurance