Bahrain could double value added tax - sources | Reuters
Bahrain is considering doubling value added tax to 10% to boost state revenues and reduce its budget deficit, a Bahraini parliamentary source and a source close to the government told Reuters, confirming local media reports.
The government's communications office did not immediately respond to a request for comment.
Bahrain's economy contracted by 5.4% last year, the International Monetary Fund has said, as the pandemic hurt vital sectors such as energy and tourism.
The small Gulf state has accumulated a large pile of debt since the 2014-2015 oil price shock. In 2018 it received a $10 billion financial aid programme from Gulf allies that helped it avoid a credit crunch.
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