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Bahrain

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About

Bahrain

Capital
Official languages
Population 
Currency

ISO 4217

Manama

Arabic and English

1,428,000 (as of 2020)

Bahraini Dinar

BHD

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Economy

Bahrain has a strong and diversified economy, with a GDP of $37.2 billion in 2019. The country has a high level of economic freedom, ranking 11th out of 180 countries in the 2020 Index of Economic Freedom. Bahrain has a strong banking sector, with the Central Bank of Bahrain regulating the banking system. The country also has a thriving tourism industry, with over 8 million visitors in 2019. Bahrain has a strong oil and gas sector, with the Bahrain Petroleum Company (BAPCO) being the largest oil producer in the country. The country also has a strong manufacturing sector, with the aluminum industry being the largest contributor to the economy. Bahrain also has a strong financial services sector, with the Bahrain Financial Harbour being the largest financial center in the region. Overall, Bahrain has a strong and diversified economy, with a high level of economic freedom and a thriving tourism industry.

Taxation

Bahrain has a tax system that is favorable to foreign investors and businesses. There is no corporate tax, personal income tax, wealth tax, or value-added tax (VAT) in Bahrain. However, certain industries such as oil, gas, and petrochemicals are subject to specific taxes and fees.


Here is some information on the tax process and calendar for payments in Bahrain:


Corporate Tax:

As mentioned, there is no corporate tax in Bahrain.


Value Added Tax (VAT):

Currently, there is no VAT in Bahrain. However, the government has announced plans to introduce VAT in the future.


Personal Income Tax:

There is no personal income tax in Bahrain.


Social Security Contributions:

Employees in Bahrain are required to make contributions to the General Organization for Social Insurance (GOSI). The employer is responsible for deducting the contribution from the employee's salary and paying it to GOSI.


Tax Calendar:

Since there is no corporate or personal income tax in Bahrain, there are no tax deadlines to meet. However, businesses are required to submit their financial statements annually to the Ministry of Industry, Commerce and Tourism.


It is important to note that tax laws and regulations in Bahrain can change, and it is recommended to seek professional advice before making any decisions related to taxation.

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