Deadlines for reporting Economic Substance have been extended for Businesses in Bahrain

It goes without saying that the economic impact of the Coronavirus pandemic has been felt on a global scale.  Consequently, this has created a number of unprecedented challenges for hundreds, if not thousands of businesses in Bahrain and throughout the Middle East.  Various Middle Eastern tax authorities have taken supportive measures to benefit the different business sectors by extending compliance deadlines.  According to experts, the following is a summary of these measures concerning the Bahrain business sector.

As of March 29^th, of this year, the Bahrain MOICT (Ministry of Industry, Commerce, and Tourism) has confirmed an economic substance reporting deadline extension in response to the Coronavirus pandemic.  Businesses with a fiscal year that ended on December 31^st, 2019 will have until June 30^th, 2020 to file their notifications and relative reports with the MOICT.  The original deadline date was March 31^st.  Hopefully, this measure will benefit the different Bahrain businesses that have been impacted by this global pandemic.

Additionally, measures regarding economic substance regulation notifications have also been adopted by the following:

• ADGM and DIFC of the UAE
• DSO and RAKICC of Ras Al Khaimah
• Kingdom of Saudi Arabia
• Nation of Qatar

The media hasn’t addressed any other specific matters at this time, including deadlines for the filing of appeals and objections. To know more about the recent information on this subject, contact Intuit Management Consultancy (IMC Group). With years in the industry, we have assisted a myriad of companies with tax advisory services, business setup solutions, corporate advisory services, global mobility, bookkeeping and accounting among other services. Call us today.