Bahrain said it will introduce a domestic minimum top-up tax for multinational enterprises, effective January 1, 2025, according to the state-run Bahrain News Agency, ensuring a minimum 15 per cent tax rate on profits for companies with global revenues exceeding $828.23m (EUR750m).

The government urged eligible businesses to register with the National Bureau for Revenue before the deadline.

Bahrain said the new framework fully complies with the Organisation for Economic Co-operation and Development (OECD) guidelines and reaffirms the country’s dedication to fostering global economic equity and transparency.

To date, more than 140 jurisdictions have signed up for the global minimum corporate tax.

Elsewhere, the UAE began rolling out a 9 per cent business tax in June 2023, with exemptions for the many free zones, dismantling a levy-free regime that helped make it a magnet for businesses from across the world.

The UAE’s tax on corporate earnings follows a 5 per cent value-added tax (VAT) introduced in 2018, while Saudi Arabia tripled its VAT to 15 per cent in 2020 to offset the impact of lower oil revenue on state finances.

Source: https://gulfbusiness.com/bahrain-to-levy-15-min-tax-on-multinationals/