Latest news with #BD130
Daily Tribune
13-05-2025
- Business
- Daily Tribune
Tax strategy eyes BD130m revenue
Shura Council has retrospectively approved a law already in force since January, which imposes a 15 per cent tax on multinational groups operating locally. The measure is expected to raise BD130 million a year and brings the country into step with global rules on corporate profits. The vote, held yesterday, completes the legislative procedure for Decree-Law No. 11 of 2024, issued by the government as part of urgent fiscal measures. The law forms part of an international effort to prevent large firms from shifting profits to jurisdictions with little or no tax. It applies to multinationals with global turnover above €750 million a year. Thirteen foreign-headquartered multinational groups currently operate in Bahrain and fall within the scope of the tax. Model rules Financial committee rapporteur Dr Anwar Al Sada said the tax applies to multinationals based in Bahrain and follows the model rules set by the Organisation for Economic Co-operation and Development. He said the move ensures large businesses pay where they operate. 'This puts all economic activity under the same tax rules,' said Dr Al Sada. 'It plugs a gap and puts Bahrain on the map in terms of international tax cooperation.' Khalid Al Maskati, who chairs the Financial and Economic Affairs Committee, told fellow members the law follows the second of two OECD pillars. 'We're speaking of firms with reach and clout, this stops profits being parked in places with no tax and no scrutiny,' he said. First pillar He added that Bahrain had not signed the first pillar, which targets digital firms selling across borders, but had joined the second, which concerns the minimum rate large groups must pay once they cross a certain threshold. 'The aim is to stop tax revenue from slipping away to countries with no transparency,' said Al Maskati. ''By signing the agreement, we retain what is due to us. And with thirteen multinationals on the books, we estimate BD130 million a year.' Others welcomed the law as a way to bring in income without placing new charges on the public. 'This has a public benefit as well as a financial one,' said Fouad Al Hajji. 'It means the state can pay for schemes the public uses.' Dalal Al Zayed supported the legal footing of the measure and praised the National Bureau for Revenue for drafting its rules. Questions She raised questions about how tax evasion cases would be handled in court. 'Will these cases go to the administrative bench, or will there be a separate court to hear them?' she asked. She also sought clarity on when the right to prosecute such cases runs out. 'The wording says 10 years from the offence, but shouldn't it be ten years from when the act is uncovered?' She also pointed out that parts of the law refer back to 2023, despite it only coming into force in January 2025. Backdated calculations 'Does that mean there will be backdated calculations?' she asked. Responding during the session, Rana Faqihi, chief executive of the National Bureau for Revenue, confirmed that the court in charge of tax evasion cases is the Administrative Court. 'I just wanted to respond to a few of the queries,' she said. 'As for what was raised by member Dalal Al Zayed regarding the court handling these matters, the competent authority under the current system is the Administrative Court.'
Zawya
27-01-2025
- Business
- Zawya
Bahrain's non-oil exports of national origin hit $2.6bln in Q4
The value of non-oil exports (National Origin) has decreased in Q4 2024 by 1% hitting BD1.002 billion ($2.64 billion) compared to BD1.01 billion ($2.67 billion) for same quarter in 2023. The top 10 countries accounted for 71% of the total export value, according to the Information & eGovernment Authority (iGA). The Kingdom of Saudi Arabia ranked first among countries for then non-oil exports (National Origin) with BD230 million (23%) followed by the US in the second spot with BD130 million (13%) and UAE in the third place with BD81 million (8%), stated iGA in its 2024 Foreign Trade report, which encompasses data on trade balance, imports, national origin exports and re-exports. Unwrought Aluminum Alloys recorded as the top products exported in Q4 netting BD278 million (28%), followed by Agglomerated Iron Ores and Concentrates Alloyed with a value of BD120 million (12%) and Unwrought Aluminum not alloyed with BD77 million (8%). As per the iGA report, the value of non-oil imports has increased by 1% reaching BD1.49 billion in Q4 2024 when comparison to BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 71% of the total value of imports, it added. China ranked first for imports to Bahrain, with a total of BD215 million (14%), followed by Australia with BD158 million (11%) and UAE with BD114 million (8%). According to iGA report, Other Aluminum Oxide recorded as the top product imported to Bahrain with a total value of BD149 million (10%), followed by Non-Agglomerated Iron Ores and Concentrates with BD112 million (8%) and Parts for Aircraft Engines being the third with BD66 million (4%). The total value of non-oil re-exports for Q4 surged by 13% to hit BD212 million compared to BD188 million for same quarter in 2023. The top 10 countries in Re-exports accounted for 80% of the re-exported value, stated the report. The UAE ranked first with BD72 million (34%) followed by Kingdom of Saudi Arabia with BD48 million (23%) and Belgium with BD11 million (5%), it added. According to iGA, the turbo-Jets were the top product re-exported from Bahrain with a value of BD33 million (16%), followed by Four Wheel Drive BD24 million (11%), and Gold Ingots came third with BD15 million (7%). As for the Trade Balance, which represents the difference between exports and imports, the deficit recorded BD277 million dinars in Q4 2024 compared to a deficit of BD275 million in Q4 2023, it added.
Trade Arabia
26-01-2025
- Business
- Trade Arabia
Bahrain's Q4 nonoil exports of national origin hit $2.6bn
The value of non-oil exports (National Origin) has decreased in Q4 2024 by 1% hitting BD1.002 billion ($2.64 billion) compared to BD1.01 billion ($2.67 billion) for same quarter in 2023. The top 10 countries accounted for 71% of the total export value, according to the Information & eGovernment Authority (iGA). The Kingdom of Saudi Arabia ranked first among countries for then non-oil exports (National Origin) with BD230 million (23%) followed by the US in the second spot with BD130 million (13%) and UAE in the third place with BD81 million (8%), stated iGA in its 2024 Foreign Trade report, which encompasses data on trade balance, imports, national origin exports and re-exports. Unwrought Aluminum Alloys recorded as the top products exported in Q4 netting BD278 million (28%), followed by Agglomerated Iron Ores and Concentrates Alloyed with a value of BD120 million (12%) and Unwrought Aluminum not alloyed with BD77 million (8%). As per the iGA report, the value of non-oil imports has increased by 1% reaching BD1.49 billion in Q4 2024 when comparison to BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 71% of the total value of imports, it added. China ranked first for imports to Bahrain, with a total of BD215 million (14%), followed by Australia with BD158 million (11%) and UAE with BD114 million (8%). According to iGA report, Other Aluminum Oxide recorded as the top product imported to Bahrain with a total value of BD149 million (10%), followed by Non-Agglomerated Iron Ores and Concentrates with BD112 million (8%) and Parts for Aircraft Engines being the third with BD66 million (4%). The total value of non-oil re-exports for Q4 surged by 13% to hit BD212 million compared to BD188 million for same quarter in 2023. The top 10 countries in Re-exports accounted for 80% of the re-exported value, stated the report. The UAE ranked first with BD72 million (34%) followed by Kingdom of Saudi Arabia with BD48 million (23%) and Belgium with BD11 million (5%), it added. According to iGA, the turbo-Jets were the top product re-exported from Bahrain with a value of BD33 million (16%), followed by Four Wheel Drive BD24 million (11%), and Gold Ingots came third with BD15 million (7%). As for the Trade Balance, which represents the difference between exports and imports, the deficit recorded BD277 million dinars in Q4 2024 compared to a deficit of BD275 million in Q4 2023, it added.
