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Taxflash 16 January

The NBR has announced that there will be no need to submit quarterly returns. Businesses with annual supplies less than BHD 100,000 will be able to submit a VAT return on an annual basis.

Read more in this week’s taxflash.

Cyber security risk management framework

On 22 December 2019, the Central Bank of Bahrain (CBB) issued a final consultation paper for changes to its rulebook’s operational risk management module, including updates to its cyber security risk management framework.

The consultation paper provides detailed guidelines, aligned with leading practice, on the measures licensees must adopt to protect themselves from cyber threats.

The consultation paper is available on the CBB website and is open for discussion until 22 January 2020.

For more details, please contact Srikant Ranganathan on +973 1720 6827 or Sagar Rao on +973 17206802.

New requirements from the Central Bank of Bahrain

On 29 December 2019, the Central Bank of Bahrain issued new requirements in Module HC for conventional (volume 1) and Islamic (volume 2) banks. 

On 2 January 2020, the Central Bank of Bahrain issued a communique requiring banks to accept articles of incorporation or association when issuing certificates of deposit for transfers of ownership.

Read more

For more details, please contact Sawsan Mohammed on 1720 6842 or Chahira Miled on 1720 6870

Taxflash 12 December 2019

TaxFlash is shorter than usual this week as we head into the holiday season – but we still have an update on withholding tax in Saudi Arabia and details on CbC reporting for UAE entities. Please feel free to share TaxFlash with colleagues or friends who might be interested!

Tax alert – KSA WHT

Earlier this week, we released a flyer on capital gains tax in Saudi Arabia – the first in an occasional series on important tax issues in the GCC’s largest economy. Today, we look at withholding tax – highlighting both the general rule and exceptions to that rule. Our next flyer will be on zakat. If you have a tax issue you would like us to cover – or a specific question you would like us to answer – please contact us.

To keep updated with updates on taxation in the GCC, please subscribe to TaxFlash .