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Bahrain will not tax foreigners’ transfers

Bahrain will not tax foreigners’ transfers

At the end of January 2024, a two percent tax on every transfer made by foreigners was rejected. This decision was made due to possible negative consequences for the country’s economy and society, as well as its inconsistency with international and constitutional norms.

Also, the Bahrain authorities have made some changes to local fiscal legislation. For example, all citizens of Bahrain with an income of less than $1,600 will be exempt from all taxes, a 10% VAT has been introduced on all goods and services (except for some essential products), civil servants can conduct business activities, and the founders and directors of companies are now responsible with their property for any damage caused to the company or its partners.

The country’s authorities are considering the possibility of introducing a corporate tax, like in the UAE.

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