Bahrain developers might face new tax

Bahrain is considering collecting up to 3% of the value of investments by real estate firms to fund community projects.

According to the proposed scheme, investors of developments worth between BD1m and BD5m will have to pay 1% of the value of the project to fund municipal schemes, while developers with projects worth between BD5m and BD10m will be asked to pay 2% and those with projects worth more than BD10m 3%.

The new legislation, proposed by the Manama municipal council, is now being studied by the kingdom's five municipal councils following input from the municipalities and urban planning affairs ministry.

Source: AMEInfo