‘GCC must approve corporate tax’


“The proposal by Chamber of Deputies Speaker Khalifa bin Ahmed Al Dhahrani should be studied. I am not for levying any such taxes. It has to be done in cooperation with the other GCC states. This is the norm – to initiate any major move in consensus with the GCC states. Even the International Monetary Fund has agreed to this,” Dr Hussain told the Tribune yesterday.

“We ought to look at the neighbours, else we could be frittering the advantage we have,” he said.

“Bahrain does not have natural wealth other GCC members have. Also, our land area is nothing compared with the other GCC states’. No levy should scare investors out of the Kingdom,” he added.

“It should be perceived as a measure to expand the revenue base, Dr Hussain said.

Al Mustaqbal Deputy Dr Abdulaziz Abol agreed with Dr Hussain and said with the citizen paying taxes, there would have to be more transparency.

Information on the revenue and the liabilities would have to be shared with the public. Any income would have to be spent to create assets for the nation.

Both lawmakers said a tax on profits would have to be at 10 per cent at base level to make Bahrain the country with the lowest levy.

If corporates are taxed then many assets and royalties would have to be made transparent because those who pay tax have the right to know where the tax is being invested, they said


Leave a Reply

Your email address will not be published. Required fields are marked *