Accountancy & Tax
From The Report: Bahrain 2017
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This chapter contains an overview of the tax framework in which local and foreign investors operate in Bahrain, including a summary of accounting standards and principles in the country, an analysis of Brexit’s impacts on GCC economies and a look ahead to the possible implementation of VAT in the GCC.

This chapter contains a viewpoint from Ahmed Alsulaiman, Managing Partner, KSI – Bahrain Consultants & Public Accountants.

Articles from this Chapter

Overview

Higher standards: A summary of accounting practices in the country
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The two main general frameworks governing the preparation and presentation of the financial statements are the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP). ACCOUNTING STANDARDS: IFRS are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. These harmonised standards are a consequence of growing international shareholding and trade,…

Analysis

New era: A look at the impact of Brexit on the economies of the GCC
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The UK’s decision to leave the EU caught the financial markets by surprise and drove them to a period of real uncertainty. The unexpected results led to a broad sell-off across continents and asset classes. Because the UK is the fifth-largest economy in the world, it is critical that the Brexit process be carried out in an efficient and timely manner. Brexit is a huge change in many aspects, and it is going to draw a new map in terms of global commerce. Companies in the GCC invested heavily…

Viewpoint

Needing reforms: Ahmed Alsulaiman, Managing Partner, KSI – Bahrain Consultants & Public Accountants, on the implementation of a value-added tax (VAT) in the GCC
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Viewpoint: Ahmed Alsulaiman In 2007 the six-member GCC agreed in principle to try out a VAT on a collective basis. It is important to remember that oil was trading at above $140 per barrel in early 2008. Some nine years later, when oil was trading at around $30 per barrel, or 72% less than in 2007, the GCC states faced calls from international bodies including the IMF to broaden their revenue sources and diversify their economies away from an over-reliance on hydrocarbons. The IMF had also criticised…