As advised by the CBB in circular OG/144/2019 dated 24 March 2019, FATCA and CRS reporting deadlines are 2 May every year. The CBB system for reporting 2018 data was open between 1 April 2019 and 2 May 2019.
For more information about FATCA and CRS reporting as well as the tasks and timelines please contact:
Dr Mukund Ballal on +973 1720 6813
Ghada Awdi on +973 1720 6838
Keypoint will be conducting VAT fundamentals workshops in conjunction with the Bahrain Chamber of Commerce and Industry (BCCI) on Sunday, 17 November.
On November 11, Microsoft has announced that it plans to follow California’s digital privacy law for its operations across all US states.
Bahrain’s Ministry of Industry, Commerce and Tourism (MOICT) has set out how businesses registered in Bahrain must ‘validate their economic substance’ in Bahrain. The CBB has issued a similar directive (OG/499/2018) to all of its licensees. As a lower-tax jurisdiction, Bahrain has successfully attracted many regional and international businesses, helping to further diversify the economy. Economic substance rules (ESRs) across the GCC are a response to increasing scrutiny of attempts by businesses to unfairly benefit from beneficial tax regimes.
Our tax alert explains who the new ESRs apply to, how entities can prove that they comply with the rules, penalties and sanctions, and what key decision-makers should be doing now.
For more details on Bahrain’s ESRs, please contact Mubeen Khadir, Mohammed Ashraf or Raman Ohri.
Tax and zakat in Saudi Arabia are increasingly complex business issues. You need the right advisors giving you the right advice. Our approach – based on our deep VAT, Saudi tax, zakat and international tax experience – make us the right choice. We understand the business environment in the Kingdom of Saudi Arabia We add value to our clients by offering insight, solving problems and supporting success. We have a deep understanding of the challenges and complications of doing business in Saudi Arabia; extensive experience of dealing with GAZT – the General Authority for Zakat and Tax – and other regulatory bodies; deep tax knowledge; and an unrivalled determination to be the Saudi tax and zakat advisor of choice to businesses across the Kingdom of Saudi Arabia.
Our recently developed Saudi tax guide gives you an up-to-date, accurate overview of the tax universe in the GCC’s leading economy.
Keypoint’s market-leading tax team produces a roundup of GCC tax developments every week – contact us to be added to our mailing list. Highlights this week include details of the UK-UAE income tax treaty and the announcement of Oman’s tax authority.
Important filing deadlines for the month of October in this week’s Taxflash.