By Avinash Saxena
Bahrain’s plans to raise the VAT rate to 10 per cent from January 2022 could raise an additional 1.5pc-2pc of GDP in revenue, says Fitch Ratings.
According to the US-based rating agency, if the consumption tax is raised to 10pc and oil averages $60/barrel (bbl), Bahrain is estimated to generate a small primary surplus in 2023, putting debt/GDP ratio on a “mild downward path”.
Reacting to the reboot of Bahrain’s Fiscal Balance Programme (FBP), including a planned rise in the VAT rate,
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