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Thursday, February 22, 2024

Excise Tax to come into effect early 2018

Excise Tax to come into effect early 2018
Excise Tax to come into effect early 2018

(Manama) – The Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, announced that the Excise Tax on Selected Items Law would come in force early 2018. As stated in the law, the tax rate will be 100% for tobacco and energy drinks, and 50% for soft drinks.

The Finance Ministry has launched a new section covering all aspects of the new scheme in its official website https://www.mof.gov.bh. The statement follows the promulgation of Law No (39) on the Ratification of the GCC Unified Excise Tax Agreement, and Law No (40) on the mentioned tax.

The application of the Excise Tax in Bahrain comes within the GCC Supreme Council resolution in its 36th session, Riyadh, December 2015, authorising the Financial and Economic Co-operation Committee to complete elements required in this respect. The resolution was followed by the signing of the agreement by member states of the group in November 2016, and eventually the Supreme Council resolution in its 37th session, Bahrain, December 2016, authorising the committee to set up a time framework for application.

The Excise Tax application comes as an incentive for the consumption of healthy goods and limiting the use of products with negative impact on both health and environment. It will also enable the government to proceed with its development programmes and contribute to reaching the break-even between government revenues and expenditure.

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