A group of lawmakers have tabled a bill proposing to introduce a corporate tax system in Bahrain. The proposals leaves most details to executive regulations to be elaborated by the government. It does, however, clarify that the corporate tax would be due by any legal person pursuing a for profit economic activity and registered or required to be registered for tax. The tax base itself would consist of gross income after deducting reasonable expenses required for the generation or maintenance of income, loss carryforwards, exemptions and donations. The tax rate would vary depending on the economic sector and is scheduled...