The critical need to raise awareness among multinational corporations and local businesses in Bahrain regarding financial planning and tax compliance has been highlighted by Mohamed Al Mahroos, Country Senior Partner of PwC Middle East. 

 

This focus, according to Al Mahroos, is essential to advancing Bahrain’s tax framework and driving sustainable economic growth. The role of tax revenues in achieving financial stability and enhancing liquidity was also stressed, with benefits extending across both the corporate sector and the wider economy. 

 

These remarks were shared during PwC Middle East's annual seminar, held in Bahrain. The event, part of a regional series focused on taxation and legal reforms, was held under the theme "Connecting Experts, Creating Solutions," and addressed key developments, including Bahrain’s readiness to implement corporate and profit taxes.

 

Pivotal economic reform

Al Mahroos highlighted that taxing multinational companies in Bahrain with revenues exceeding $750 million is a pivotal economic reform aimed at diversifying the country’s revenue sources and reducing its reliance on oil. 

 

This initiative also aligns Bahrain’s fiscal policy with global standards. The importance of companies understanding the implications of this new tax system and developing effective compliance strategies was underscored to ensure a smooth transition and adherence to the new regulations.

 

Al Mahroos said: “Bahrain is making significant strides in the evolving tax landscape, characterised by its dynamism and capacity to create a supportive environment for businesses. By offering advanced tax solutions aligned with global developments, Bahrain is enhancing the competitiveness of its national economy and positioning itself as a leader in the region.”

 

Leveraging expertise

Al Mahroos reiterated PwC commitment to leveraging its expertise and knowledge to empower companies in the tax field, supporting them in reaching their full potential. This contributes to the growth and prosperity of businesses while strengthening their role within Bahraini society. 

 

The seminar, attended by PwC Bahrain partners, thought leaders, stakeholders, analysts, and media representatives, provided a platform for dialogue on tax compliance challenges and strategies to enhance regulatory efficiency. Key topics discussed included the second pillar of the tax base erosion project, electronic invoicing, and preparations for the VAT audit in Bahrain.

 

The event featured roundtable discussions on areas of interest with subject-matter experts, alongside an open Q&A session, allowing participants to engage directly on various aspects of taxation and regulatory matters.--TradeArabia News Service