Despite reservations from the government, Bahrain’s Parliament’s Financial and Economic Affairs Committee pushed ahead with a bill proposing a 2% tax on cash transfers by foreign individuals outside the kingdom. The bill aims to diversify income sources, reduce oil revenue dependence, and foster economic growth.
However, the government raised concerns about the law’s constitutionality, citing potential violations of constitutional commitments to capital movement freedom. Highlighting potential drawbacks, the government warned of illicit fund transfer channels, reduced attractiveness for companies and banks, and potential foreign investment losses. A call for reconsideration opens the door to address these concerns, offering a glimpse into Bahrain’s economic strategy discussions.
Stay tuned for updates!
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