BCCI hails royal directives on reviewing VAT mechanism

Manama, (BNA): The Bahrain Chamber of Commerce and Industry (BCCI) has hailed the recent directives of His Majesty King Hamad bin Issa Al-Khalifa ordering the executive agencies to review the Value-Added-Tax (VAT) mechanism during the trial phase, and the emphasis of His Majesty on the importance of considering the welfare of citizens by exempting basic goods and commodities affecting their income. In this regard BCCI’s First Deputy Chairman Mr. Khalid Najibi said "Following His Majesty’s directives, the Bahrain Chamber of Commerce and Industry met with the Minister of Finance and National Economy Shaikh Salman bin Khalifa Al Khalifa and the Minister of Industry, Commerce, and Tourism Zayed Al Zayani at the headquarters of the Ministry of Finance to deliberate about enhancing the mechanism of implementing the Value-Added-Tax." Mr. Najibi explained "During the meeting, the chamber stressed the importance of enhancing the implementation mechanism of the VAT, clarifying all the technical and legal aspects of the tax, and taking into consideration the readiness of the private sector". He added "the importance of evaluating the tax mechanism and policies on a regular basis was also underlined, with a stress on implementing rigorous governance to the tax authority in a bid to ensure the success of the tax system in achieving its objectives." Concluding the meeting, Mr. Najibi commended the leadership’s keenness on empowering the private sector and its unwavering determination to continue the country’s development march. He also hailed the collaboration between the Bahrain Chamber of Commerce and Industry, the Ministry of Finance and National Economy, and the Ministry of Industry, Commerce, and Tourism.