KPMG seminar to discuss tax landscape in Bahrain, UAE

TDT | Manama                      

The Daily Tribune – www.newsofbahrain.com   

KPMG in Bahrain is organising a seminar on the implementation of Corporate Income Tax (CIT) in the United Arab Emirates (UAE) and its potential impact on Bahraini businesses operating or planning to operate in the UAE.

The event will also cover the possible launch of 'E-Invoicing' in Bahrain and how businesses can prepare for its implementation.

The seminar, titled "The Evolving Tax Landscape in Bahrain and the UAE," will take place on March 8, 2023, at the Downtown Rotana hotel.

The UAE Ministry of Finance has recently published a new federal CIT law that will come into effect from the financial year starting on or after June 1, 2023.

Meanwhile, in Bahrain, the National Bureau for Revenue (NBR) is considering the launch of 'E-Invoicing' and has solicited proposals from consultants to help develop the relevant legal framework.

The NBR has also held a series of focus group sessions with large taxpayers in Bahrain. Mubeen Khadir, Partner and Head of Tax and Corporate Services at KPMG in Bahrain, will be one of the keynote speakers at the seminar.

He explained that the introduction of CIT in the UAE would significantly affect Bahraini businesses with significant operations and transactions in the UAE.

This also includes businesses with registered entities in Bahrain, whose management and controls may be located in the UAE.

He also mentioned that there is speculation about the introduction of a Corporate Tax mechanism in Bahrain and emphasized the importance of businesses preparing for its possible implementation.

During the seminar, Wassim Chahine, Partner and Head of Corporate Tax at KPMG UAE, will share his insights on the scope of CIT, available exemptions, free-zone entity taxation, foreign tax credits, and their expected impact on Bahraini businesses.

He will also provide practical steps based on the published law and global best practices that companies should consider to improve their readiness.

Business leaders in Bahrain are encouraged to attend the half-day seminar to learn how the introduction of CIT in the UAE and the possible launch of 'E-Invoicing' in Bahrain may affect their organizations