‘Promote special economic zones’

Manama : Bahrain should promote its current no-taxation business structure more aggressively to attract new businesses to its industrial zones, said an expert on international taxation. 

CA Sanjiv Chaudhary was speaking on the sidelines of the 8th International Conference of the Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI) under the theme “Challenges Create Opportunities” which was formally inaugurated this morning (EDITOR: Dec. 02, 2016). 

“Bahrain has a huge advantage in that it levies no corporate tax. I believe that the Kingdom must promote special economic zones and create a base for new business, create support infrastructure that will drive growth” CA Chaudhary said.

The annual conference, held under the patronage of Minister of Industry, Commerce & Tourism, Zayed bin Rashid Alzayani, has drawn a packed audience of 400-plus chartered accountants from Bahrain, India and the GCC. 

Indian Ambassador Alok Kumar Sinha and MOIC & T Representative, the Assistant Undersecretary Hameed Rahma inaugurated the event.

GST and Accounting

Nilesh Vikamsey, the Vice-President of the Institute of Chartered Accountants of India (ICAI) updated members on the work of the ICAI, saying the Institute was revamping its course material to reflect the new digital work environment, India’s proposed GST Bill which will radically change accounting practices and is focused on building links with African countries and supporting the creation of new accounting standards there.

 “We believe that as India changes the way it does business – the GST will require a greater discipline in the financial system and the recent demonetization will mean more digital and mobile e-payments – the accounting and financial reporting systems too will be overhauled. As a body that sets standards, I believe that the ICAI will lead this change.”

Vivek Kapoor, chairperson, BCICAI, pointed out that the 2016 Conference had set many firsts including a focus on Bahrain’s economic outlook for 2017, a media desk to report the proceedings in real time and a live webcast that will reach over 10,000 people globally.