Accountancy & Tax
From The Report: Bahrain 2012
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Bahrain has the lowest corporate and personal taxes of all the GCC states. There is no personal income tax; no tax on capital gains; no withholding tax; no restriction on repatriation of capital, profits or dividends and very few indirect taxes. This chapter outlines rules and regulations for corporate and labour taxation, and provides an analysis of the significant changes proposed for the accounting and disclosure of revenue from contracts in Bahrain.

Articles from this Chapter

Analysis

Adding up: Tax and incentive regime makes for an investment-friendly environment
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Bahrain has the lowest corporate and personal taxes of all the GCC states. There is no personal income tax; no tax on capital gains; no withholding tax; no restriction on repatriation of capital, profits or dividends; and very few indirect taxes. There is also no value-added tax, property tax, inheritance tax or production tax. There were recommendations during the National Dialogue in 2011 for the government to consider levying indirect and corporate taxes; however, there have been no such announcements…

Analysis

Between vendors and customers: Significant changes proposed for the accounting and disclosure of revenue from contracts
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Revenue is a key performance measure for business, and there are recognised problems with the two main brands – the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) – which are based on different principles and give no guidance in certain key areas, such as arrangements involving multiple elements. The decision to re-examine the draft on revenue is seen as a positive step as concerns have been raised about the cost and complexity of the proposed…

Interview

Prepared for change: OBG talks to Habib Jawad Habib, Partner, BDO
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Interview:Habib Jawad Habib What is the biggest discrepancy in accounting principles between the region and the West? HABIB JAWAD HABIB: This is difficult to say as there are many differences. We simply never see the scale of failure in the Arab world that seems to characterise the Anglo-American economy and the 2012 trading loss at JP Morgan is an example of this. It is further the case that the ‘Western’ category is too broad. I think it makes more sense to refer the Anglo-American…