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Seminar focuses on tax regulation

Manama, March 29, 2013

Many financial institutions are near finalising or have completed the initial assessment of how Foreign Account Tax Compliance Act (FATCA) will impact their operations and business processes and are building detailed implementation plans, experts said.

Ernst & Young said that its Middle East FATCA experts conducted a two-hour seminar with key Bahrain banking clients at the Capital Club in Manama on Thursday.

E&Y financial services advisory leader Andrew Barstow and Mena financial services advisory partner Chris Gaint were the two speakers.

On January 17, 2013, the US Treasury Department and the Internal Revenue Service issued the final regulations on FATCA.

These regulations provide clarity for many of the issues financial institutions have faced as they determine how to implement FATCA regulatory guidelines.

"Through this seminar, we aimed to educate banking clients on our views on FATCA; key considerations for effective FATCA implementation and compliance, the challenges surrounding FATCA implementation, how FATCA is shaping up in Mena region and the way forward for financial institutions," E&Y Bahrain Office managing partner Essa Al Jowder said.

"We at Ernst & Young constantly strive to keep clients updated on emerging issues on various aspects of business, economy and regulatory compliance.

"This seminar demonstrated that we are ahead of the curve in keeping our clients up to date with the latest regulatory changes," he added.-TradeArabia News Service




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