Bahrain Chamber Praise New Decree-Laws Enhancing Tax Efficiency and Legal Flexibility
TDT | Manama
The Daily Tribune - www.newsofbahrain.com
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Chairman of the Bahrain Chamber, Sameer Nass affirmed that Decree-law No. (11) of 2024 which implements the Domestic Minimum Top-up Tax (DMTT) on Multinational Enterprises (MNEs) operating within the Kingdom, will address the challenges of tax base erosion and prevent profit shifting to low-tax jurisdictions, thereby enhancing tax efficiency.
He also noted that this application reflects Bahrain's commitment to adhering to international standards in the fight against tax evasion.
He clarified that this tax does not apply to Bahraini companies, which enhances their competitiveness and supports their growth and long-term sustainability as key partners in the nation’s development.
He affirmed that the Bahrain Chamber remains committed to driving sustainable economic development.
He highlighted the Chamber’s proactive efforts, including providing in-depth studies and actionable recommendations to safeguard businesses and minimize the effects of financial shocks.
The Chamber will also continue to steadfastly support its members and protect their interests.
For his part, First Vice-Chairman of the Bahrain Chamber, Khalid Najibi praised the new Decree-Law No. (12) of 2024, which introduces a principle of gradual penalties.
This law aims to refine the legislative framework and improve the working environment by facilitating reconciliation among employers, employees, and the Labour Market Regulatory Authority (LMRA).
Najibi noted that the amendment enhances business flexibility, attracts investment, and strengthens local market competitiveness, supporting overall business growth.
This initiative is part of a broader effort to modernize economic legislation through effective public-private sector collaboration.
The amendment updates provisions related to reconciliation and gradual penalties concerning the expiration of foreign worker permits and related violations, revising Law No. (19) of 2006.
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