Bahrain’s ministry of treasury and national economy has announced its intention to slash customs duties levied on imported automobiles in three phases over a three-year period, reported Al-Hayat.
In 2001 the import duty on cars will be cut from 20 percent to 15 percent in 2000. In 2002 duties will fall to 10 percent and in 2003 to 7.5 percent.
Bahrain is already recognized as having the most liberalized economy among Arab nations, with the Fraser Economics Institute ranking it 24th on a world scale of liberal economies, ahead of Taiwan, Germany, France, Norway, Italy, Greece, Malaysia, Turkey and South Africa. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com )