KPMG to host seminar to discuss evolving tax landscape
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Mubeen Khadir
Professional Services firm, KPMG in Bahrain, is hosting a seminar to discuss the implementation of Corporate Income Tax (CIT) in the UAE and its potential implications on Bahraini businesses.
The event will also cover the potential launch of ‘E-Invoicing’ in the kingdom and highlight how businesses can better prepare themselves for the implementation.
The seminar will take place on Wednesday, March 8, 2023 at the Downtown Rotana hotel, under the theme “The evolving tax landscape in Bahrain and the UAE”.
CIT law
The UAE Ministry of Finance recently published the new federal CIT law which will be effective from the financial year commencing on or after June 1, 2023. In Bahrain, the National Bureau for Revenue (NBR) is considering the launch of ‘E-Invoicing’ after having invited proposals from consultants to assist them with the relevant legal framework, in addition to holding a series of focus group sessions with large Bahrain based taxpayers.
Mubeen Khadir, Partner and Head of Tax and Corporate Services at KPMG in Bahrain will be among the keynote speakers during the seminar. “It is important for Tax and Finance leaders to keep themselves updated with key tax developments and ensure that their companies are ready to adapt to such changes in time and remain compliant.
“The introduction of CIT in the UAE will have a significant impact on Bahraini businesses who have prevalent operations and transactions in the UAE. This also includes businesses who have registered entities in Bahrain, and may have their management and the associated controls based in the UAE.”
If E-Invoicing is implemented in Bahrain, then it will require taxpayers to have an automated tamper proof system that can generate e-invoices and debit/ credit notes that meet the specific requirements of the tax authority in Bahrain, he said.
Corporate tax in Bahrain
Also, while there is speculation on the introduction of a Corporate Tax mechanism in Bahrain, this is no longer a question of ‘if’ it will happen but more of a ‘when’ it will happen. “During our seminar we will provide our views on the ‘when’ Bahrain introduces Corporate Tax, what businesses will need to do to ensure that they can better prepare their organisations and processes to ensure that they remain competitive. We would like to encourage business leaders in Bahrain to attend the half-day seminar to learn how CIT in the UAE and the potential launch of ‘E-Invoicing’ in Bahrain will impact their organisations,” Mubeen commented.
Companies impacted by the CIT Law need to fully understand the scope and reach of the law and make the necessary changes, to their systems and processes to ensure compliance with the new tax regulations.
During the event, Wassim Chahine, Partner and Head of Corporate Tax at KPMG UAE will share his insights on the scope of the CIT, available exemptions, free-zone entity taxation, foreign tax credits and expected impact on Bahraini businesses specifically. This is in addition to providing practical steps based on the published law and the lessons learnt from global best practices that companies need to consider to enhance their readiness.-- TradeArabia News Service
