KPMG organizes in Bahrain a seminar on the evolution of the tax landscape
The seismic change that the regional tax landscape is undergoing will be the subject of a seminar on June 21 at the Downtown Rotana Hotel in Bahrain.
Organized by professional services firm KPMG in Bahrain, the half-day seminar, under the theme “The Changing Tax Landscape in the GCC”, will present the changing tax landscape in the region and discuss the potential implications that the transformation could have on businesses in Bahrain and those operating in the region.
Four countries in the GCC region have implemented Value Added Tax (VAT) and two of them have already increased their respective VAT rates. The countries of the Organization for Economic Co-operation and Development (OECD) have agreed on a global minimum tax rate.
The United Arab Emirates will be the fifth GCC country to implement corporate tax in 2023 and Saudi Arabia is the first country in the region to implement “e-invoicing”. With the potential for future introduction of corporate tax in Bahrain, it is essential that tax and finance officials keep abreast and plan appropriate measures and mechanisms to ensure that the tax does not become a cost to the business.
“The introduction of a corporate tax in Bahrain is more a question of ‘when’ it will happen rather than ‘if’ it will happen. Economic diversification is one of the main reasons why VAT was introduced and why we have experienced the doubling of the VAT rate in such a short time. Corporate tax is also reviewed for the same reason. Also, if Bahrain does nothing on corporate tax, it will lose revenue to other jurisdictions under various global minimum tax rules. Whether it is multinationals operating here or multinationals based in Bahrain elsewhere, there would be a loss of revenue.
“With a continued focus on tax revenue, we are also likely to see the tax administration monitor companies more closely on their VAT compliance obligations,” said Mubeen Khadir, partner and head of tax at KPMG in Bahrain. .
During the event, KPMG tax experts will present best practices in handling VAT disputes, an overview of proposed UAE corporate tax laws, what awaits Bahrain, including practical steps Bahraini businesses can take now to be better prepared when Bahrain introduces a corporate tax. .
KPMG in Bahrain is a member firm of KPMG International. The firm was established in 1968 as the first national accounting and auditing firm, and it has grown to become one of the nation’s largest professional services firms. The firm provides audit, tax and advisory services to a wide range of clients operating in different sectors, using the deep technical and industrial experience of its professional staff.
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