Royal directives to review VAT application mechanisms during trial period hailed

Manama, Dec. 25 (BNA): Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa hailed the Royal directives of His Majesty King Hamad bin Isa Al Khalifa to review the VAT mechanisms during the trial application period and observe the citizens needs through the exemption of basic commodities and services. The Ministry of Finance and National Economy as well as the governmental entities concerned with the application of VAT will implement the Royal directives by ensuring the soundness of application procedures from day one of the trial period while taking into consideration the importance of market stability and the steady and smooth supplies of commodities and services to the citizens and residents to ensure the continuity of development and growth of the sectors whilst ensuring the citizens’ needs, he said. This came during the meeting held at the Ministry of Finance and National Economy premises in the presence of Industry, Commerce and Tourism Minister Zayed bin Rashid Alzayani and Bahrain Chamber of Commerce and Industry (BCCI)’s deputy chairman Khalid Najibi. Shaikh Salman stressed the importance of continuous communication, consultation and discussion with the Bahrain Chamber of Commerce and Industry regarding the VAT mechanisms. He cited the ongoing cooperation and discussion of viewpoints to reach the results that would serve the aspirations in the interest of the homeland and the citizen foremost. The minister added that the ministry would review the VAT application mechanisms during the trial launch period. It will also organize and participate in a series of VAT awareness workshops in collaboration with companies and establishments regarding the technical, regulatory and procedural aspects of VAT as part of preparations to gradually apply the VAT starting from the beginning of the New Year. Industry, Commerce and Tourism Minister Zayed bin Rashid Alzayani hailed the Royal directives pointing out to the preparations undertaken by the ministry to ensure the sound application of the VAT through monitoring of market prices to ensure the exemptions on basic commodities and services. The minister cited the ongoing cooperation between the ministry and the Bahrain Chamber of Commerce and Industry which has the greatest effect in the continuous achievement of fruitful results. Deputy chairman of BCCI, Khalid Najibi, hailed the Royal directives and expressed his gratitude to the Minister of Finance and National Economy for opening the communication channels for consultation and discussion regarding the VAT application mechanisms to reap the benefit for the nation and the citizens.