Lawmakers Propose New Bill to Implement Corporate Income Tax
TDT | Manama
The Daily Tribune - www.newsofbahrain.com
A group of lawmakers has proposed a new law introducing a corporate income tax aimed at promoting sustainable economic growth and fostering collaboration between public and private sectors.
This initiative seeks to achieve balanced development, contributing to the prosperity and well-being of citizens. The proposed legislation establishes a comprehensive framework for a tax system governing companies operating in the Kingdom of Bahrain.
The memoranda accompanying the new bill emphasises that it has been proposed to exempt lower-income individuals from taxation, ensuring that the minimum standard of living is not compromised.
The memoranda also highlights the alignment of this initiative with the nation's broader strategy of diversifying its revenue sources beyond natural resources like oil and gas.
The memoranda further states that the new bill aims to revitalise the national economy by imposing taxes on financial institutions and commercial companies engaged in specific economic activities, as outlined in the proposed legislation.
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