Capital city: Manama
Currency: Bahraini Dina (BHD)
GDP: USD$69 billion
GDP per capita: USD$48,415
Bahrain, officially the Kingdom of Bahrain, is a small Arab constitutional monarchy in the Persian Gulf. This island country consists of an archipelago of 84 islands (centred around Bahrain Island).
In April 2014, Bahrain launched its National Space Science Agency. The agency has been working to ratify international space-related agreements such as the Outer Space Treaty, the Rescue Agreement, the Space Liability Convention, the Registration Convention and the Moon Agreement. The agency plans to establish infrastructure for the observation of both outer space and the Earth.
Unlike most countries, Bahrain has no income tax system (so no tax legislation, no tax office employees and no tax returns). Although employees pay no income tax as such, they contribute 6% of their wages as a ‘social security contribution’ and ‘social insurance tax’. In addition, Bahrain does not tax rental income, capital gains, inheritances, or business profits.
Bahrain’s government revenue comes from property taxes, import duties, and its large gas and oil industries.
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2