Finance Minister affirms optimum VAT application

Manama, Mar. 5 (BNA): Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa, in response to a parliamentary question on the formation of an administrative body responsible for the application of the Value Added Tax, stressed the government’s keenness to apply the VAT in conformity with laws and legislation and in accordance with the agreements signed in this regard among the GCC countries after getting the approval of the Shura and Representatives councils. The minister added more than 30 workshops had been held aimed at raising awareness of the commercial sector, citizens and residents. He commended the efforts of the National Bureau for Revenue, which has registered so far more than 2200 companies in the system, provided details comprising information related to the application of the VAT and lists of goods excluded from the VAT application. He pointed out that the VAT revenues and aspects of its expenditures will be included in the general state budget, which will be discussed at the parliament in near future.