H.E. Shaikh Mohammed bin Khalifa Al Khalifa, Minister of Oil, complied the royal directives of His Majesty the King of the need to take into account the needs of citizens through exemptions and non-collection of basic goods and services.
H.E. stressed that all necessary measures should be taken not to collect value added on the oil and gas sector and its derivatives in the basic goods and services that are exempted from the Value Added Tax (VAT).
Moreover, H.E. the Minister of Oil noted that the Ministry of Oil is fully prepared to ensure the smooth operation of the oil derivatives supply and access to the consumer when applying the value added according to the current price and the application of the exemption included in the oil and gas derivatives.
H.E. conveyed that high price for the oil and gas sector and its derivatives are to be taxed at zero percent, where the taxable employers registered with the National Gulf Tax agency in the Kingdom of Bahrain can recover the paid input tax on those goods and services. H.E. also referred to the review of the application mechanisms in cooperation with the concerned authorities during the experimental period for applying the value added.