According to a release from the Bahrain News Agency, Bahrain will implement the Gulf Cooperation Council (GCC) selective excise tax on specified harmful goods on 30 of December 2017. Under Law 40 of 2017, the excise tax will be applicable to carbonated drinks at a rate of 50%, and energy drinks and tobacco products at a rate of 100%. Traders that import or produce the affected goods are to submit an application for registration by 15 January 2018. Failure to pay the excise tax will result in penalties of 5% to 25% of the tax due, which may be doubled...