Bahrain has long enjoyed its status as a tax-free jurisdiction until the introduction of excise tax in late 2017, followed by introduction of value-added tax (VAT) in 2019. The country is now home to a rapidly evolving tax landscape, with several notable tax and reporting regulations introduced since 2017. Bahrain is well established as a financial centre in the region, and in recent years the authorities…
Viewpoint:Mubeen Khadir We are witnessing tax regimes evolve around the world, especially in the Middle East. This is not only due to the shifting economic and social conditions, but also to the rapidly changing global marketplace in a digital era. With accelerated digital transformation taking place over the past few years – hastened by factors disruptions such as the Covid-19 pandemic –…
A revival in transport and tourism after two years of pandemic-related slowdowns caused by closed borders and social-distancing measures is helping to boost the economy, with the kingdom’s hotels, restaurants and resorts once again open to regional and international visitors. The country’s guiding plan, Bahrain Economic Vision 2030, aims to enhance private sector growth and continue government
Bahrain is now home to a rapidly evolving tax landscape, with several notable tax and reporting regulations introduced since 2017. The country is well established as a financial centre in the region, and in recent years the authorities have diversified the economy to include technology, manufacturing and logistics. Bahrain welcomes overseas investment, allowing 100% foreign ownership in many sectors.…
By utilising technology to maximise value from existing reserves and investing in exploration, the energy sector is working to maintain and even increase levels of oil and gas production. These efforts will be given a significant boost by the recent discovery of a large-scale, unconventional oil and gas reserve, which could substantially boost output over the coming decades. The diversity of Bahra
Successful spending rationalisation measures introduced in the wake of the oil price drop have helped to reduce the country’s fiscal deficit, while revenue enhancing initiatives such as the implementation of value-added tax are expected to further reduce it over the medium term. Meanwhile the kingdom has maintained its focus on economic diversification initiatives. Manama remains a leading finan
The negotiations that have been ongoing between the British government and the EU since the triggering of Article 50 in March 2017 have attracted the close attention of global decision-makers and will continue to do so until the deadline for a trade agreement expires in March 2019. On March 29, 2017 Prime Minister Theresa May submitted the Article 50 withdrawal notification to the EU. That…
In line with global practices, Bahrain is committed to adopting the new International Financial Reporting Standards (IFRS) as of January 1, 2018. Accordingly, IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are coming into practice in the kingdom. BACKGROUND FOR IFRS 15: The US Financial Accounting Standards Board (FASB) and International Accounting Standards…
Viewpoint:Ahmed Alsulaiman The beginning of 2018 has witnessed a lot of new developments related to the introduction of VAT within the UAE and Saudi Arabia, the implementation of which began on January 1, 2018. Sheikh Ahmed Al Khalifa, the minister of finance for Bahrain, has officially announced that the country will also introduce the new tax, and has stated that the process of implementation…