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Chief Executive Officer of Ebdaa Bank-Bahrain Dr. Khaled Al Ghazzawi praised the decision ordered by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, in compliance with directives from His Majesty King Hamad to review tax measures. The decision to cancel fees on the services, offered by 10 government departments, was announced during the Cabinet’s weekly meeting chaired by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Primer, in addition to another 220 government services will be exempted from VAT for Bahrainis.
Dr. Al Ghazzawi paid tribute to those directives that was taken as part of government’s efforts to slash red tape and attract additional investments by minimizing services fees in compliance with the objectives of Fiscal Balance Program.
Dr. Al Ghazzawi further noted to the importance of the exemption of VAT on bank loans fees services, where customers have to pay this tax twice; when applying for a loan and with loan payments.
“This decision will boost SMEs to overcome challenges and cutting their costs, which contribute to the economic recovery and stimulate investments and thus boost national economy.” Said Dr. Al Ghazzawi.
"Through our accumulated experience in microcredit, we are fully aware of the importance of cutting SMEs and home projects’ costs, any small amount offered by these projects can be critical to their success or failure," added Dr. Al Ghazzawi.
He added that these directives will undoubtedly lead to improve the competitiveness of the Bahraini economy and raise its productivity, in addition to its contribution to the revitalization of the economy of SMEs.
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About Ebdaa Bank:
Ebdaa Bank was established in 2009 in the Kingdom of Bahrain with a capital of US $ 5 million. Bank’s major shareholders of entrepreneurs and institution receive 60 per cent of profit, while AGFUND receives the remaining profit. Ebdaa Bank continues to support Bahrain’s Economic Vision 2030 by helping low-incomers to engage in new and innovative economic projects.
For More Information contact:
PR& Marketing: Manama/ Main Branch 17381000 – Hamad Town Branch 17440551
www.ebdaabank.com - info@ebdaabank.com
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