BCICAI conference puts spotlight on VAT, tech

The 10th Annual International Conference of the Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI) opened yesterday at The Diplomat Radisson Blu with technology and VAT ruling the airwaves. Over 400 delegates for the GCC and India gathered for the conference held under the patronage of Zayed R. Al Zayani, Ministry of Industry Commerce and Tourism.

Addressing the conference, Hameed Yusif Rahma, Assistant Undersecretary for Domestic Trade at the Ministry of Industry, Commerce and Tourism (MOIC) praised the role of Indian chartered accountants in Bahrain’s progress saying, “The contributions of the ICAI in the economic growth of Bahrain in these challenging conditions have helped tremendously in working towards stabilization and economic growth in Bahrain.”

The opening ceremony was attended by Indian Ambassador Alok Kumar Sinha, Hameed Yusif Rahma, Assistant Undersecretary for at the Ministry of Industry, Commerce and Tourism (MOIC) and Ali Abdulhussain Maki, Assistant Undersecretary for Commercial Registrations and Companies, MOIC. In his Keynote Address, Pujya Brahmaviharidas Swami of the BAPS Foundation set the template for change, saying that change is inevitable, inescapable and cannot be categorised as good or bad.

“As Shadow CEOs/Chairmen and entrepreneurs, accountants must be aware of the change and prepared to build it into their lives. Like finding a location on Google, we need to find our own location first and then map our response,” Swami said. Indian Ambassador Alok Kumar Sinha highlighted the transformative impact of the changes that India has embraced such as GST and said that Bahrain too was poised to benefit from new perspectives on economic and national growth.

“Embracing change and working towards growth is not just an impactful lifestyle choice but its positive effects transcend to policy-making and lead to better bilateral relations between Bahrain and India,” Ambassador Sinha said. Jamal Fakhro, Managing Partner of KPMG said: “With the change, there is always growth and we must learn to swim with the current”. He touched upon dispelling fear around the utilization of AI and the benefits of its integration. Abbas Al Radhi, President of the Bahrain Accountants Association (BAA) further talked about staying ahead of the curve and preparing the market for blockchain and its effects.

Adding on, Ali Abdulhussain Maki, who has been a part of the BCICAI since its inception, said that the BCICAI conference helps the financial world of Bahrain in keeping abreast with the ever-evolving demands. Day Two today will begin with Khalid Al Rumaihi, CEO of the Economic Development Board as Chief Guest. The evening ended with a concert of Indian classical music by Rajesh Vaidya, a renowned veena player and percussionist Karunakaran Nair.