Manama: A draft amended law on the Value Added Tax (VAT) is to be referred to the legislative authority to be scrutinised.

If cleared by the legislature, the amended tax on goods and services would come into effect on January 1, 2022.

The bill of law was unveiled during the weekly session, at Gudaibiya Palace, chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.

The Ministerial Committee for Financial and Economic Affairs submitted a memo, assessing the performance of the Fiscal Balance Programme since it was first launched in 2018.

The memo shed light on impact of the Covid-19 pandemic on global economy and finance, suggesting options to balance government’s spending and revenues.

The session valued the role of the legislative authority to ensure subsidies benefit citizens, stressing continued joint efforts to bolster financial stability.

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