Bailed-out Bahrain has little room for maneuver in economy reboot | Reuters:
As the weekend kicks off in Bahrain, Saudi Arabian and Kuwaiti cars jam the capital’s roads and hotel lobbies fill with visitors looking for bars, restaurants and other night-time entertainment.
A new sales tax introduced this year means government coffers will gain with every glass of wine sold and shisha pipe smoked, but that’s still not enough to plug a large gap in the island kingdom’s finances and wean it off aid from richer neighbors.
Saudi Arabia, along with Kuwait and the United Arab Emirates, came to the rescue of Bahrain last year when a prolonged period of lower oil prices pushed its public debt to nearly 93 percent of annual economic output.
According to the IRS, individuals can inherit up to $11.4 million tax-free for estates where the decedent died in 2019.
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