On Sep. 1, BHR Tax introduced new tax for multinational entreprises.
BHR Tax announced the new Domestic Minimum Top-up Tax (DMTT) for Multinational Enterprises (MNEs) as outlined in Decree Law 11/2024 aligning with OECD standards.
Overview
Apply to large MNEs operating in BHR, with global revenues surpassing 750 mn EUR.
Builds on BHR's proactive engagement with the OECD, dating back to 2018 when it joined the Inclusive Framework and endorsed the groundbreaking two-pillar reform.
OECD established Global Minimum Corporate Tax to ensure large MNEs pay minimum tax of 15% on profits in countries where they operate as part of the two pillar reform.
BHR demonstrates its commitment to global cooperation fostering a fair taxation level.
Effectiveness
New framework for MNEs will be effective as of Jan. 1, 2025.
Sep. 16, 2024 BHR CB Licensees
On Sep. 16, 2024, BHR CB published letter to licensees regarding implementation of the tax on multinational enterprises per Decree Law 11/2024, effective Jan. 1, 2025.
BHR CB licensees to whom provisions of the tax law are applicable, must prepare for timely implementation and may contact National Bureau of Revenue for assistance.
Document dated Sep. 16, 2024, received from BHR CB Sep. 18, summarized Sep. 23.
In Dec. 2024, BHR Tax issued a guide re implementing DMTT Law see #237197.
