Bahrain approved fiscal reforms including changes to corporate income tax and spending cuts as the island nation seeks to curb rising debt levels and budget deficits.
A new law on corporate tax will apply to local companies, the government said in a statement on Monday, without disclosing detail on the change.
Reforms also include plans to raise fuel and natural gas prices, increase dividends from state-owned companies and cut administrative government expenditures by 20%.
The announcement comes as entities from the International Monetary Fund to ratings agencies sound the alarm over Bahrain’s increasing debt load and deteriorating fiscal position. The ...