Accountancy & Tax
From The Report: Bahrain 2018
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This chapter contains an overview of the tax framework in which local and foreign investors operate in Bahrain, including the new financial requirements that are set to affect banks’ financial reporting and the issues under the spotlight as the UK prepares to leave the EU.

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

Articles from this Chapter

Overview

Common goals: Financial reporting standards being aligned with international norms
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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 Board (IASB) worked on a project leading to the development of IFRS 15 Revenue from Contracts with…

Viewpoint

Reshaping the economy: Ahmed Alsulaiman, Managing Partner, KSI – Bahrain Consultants & Public Accountants, on the impact of the introduction of a value- added tax (VAT) in the GCC
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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 will begin in October 2018. These days, when one visits the UAE or Saudi Arabia and purchases something…

Analysis

The Brexit battle: A look at some of the issues affecting the UK as it prepares to leave the EU
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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 notification submission gives a 24-month legal deadline within which the UK must reach a trade agreement…