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.
Newsletter January 2020
Keeping you up-to-date with developments at Bahrain’s leading professional services firm!
For more details, read our latest newsletter
Taxflash 9 January 2020
Important deadlines listed 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.
For more details, please contact Sawsan Mohammed on 1720 6842 or Chahira Miled on 1720 6870
Taxflash 26 December 2019
Vat updates on this week’s Taxflash.
Taxflash 19 December 2019
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 .
Taxflash 5 December 2019
This week’s TaxFlash includes the first in an occasional series of flyers on Saudi tax issues – this week looking at capital gains tax. We also cover CbC reporting requirements in Saudi Arabia and the UAE.