Market price monitoring in preparation for VAT application highlighted

Manama, Dec. 26 (BNA): Minister of Industry, Commerce and Tourism, Zayed Al Zayani affirmed the ministry’s commitment to closely monitor the local market prices in preparation for the application of the Value Added Tax as of January 1, 2019. In a press conference, the minister said the ministry would follow up the VAT application in the market to avoid the occurrence of a negative impact on citizens, in addition to avoid exploiting the tax application as a pretext for manipulating market prices. He stressed the VAT would not be applied to basic goods and services, including 94 food items, according to the VAT executive regulations.