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Saudi Arabia: Transformation of the Kingdom
Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.
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A complete spectrum of legal services across jurisdictions in the Middle East & North Africa.
20 June 2019 – Deadline for 2nd Phase of VAT Registration in Bahrain
Businesses with an annual taxable turnover between BHD 500,000 and BHD 5,000,000 are required to register by 20 June 2019. This requirement follows the Bahrain Ministry of Finance’s (MoF) previous announcement that VAT registration will be launched in three phases.
What should you do next?
Businesses should consider the VAT treatment of their transactions to ascertain whether they are required to register for VAT. While the phasing of the requirement for businesses to register for VAT provides some transitional relief to businesses, it is important that businesses should commence their preparation for VAT immediately.
How can we help?
Al Tamimi can advise you on whether you are required to register for VAT and assist you with a VAT impact assessment or perform a second review to confirm the VAT treatment of your transactions. Please click here for our brochure on VAT implementation in Bahrain.
Please do not hesitate to contact Al Tamimi’s Tax Team if you require any assistance.
Click here to follow Al Tamimi’s Tax Team’s LinkedIn page for more updates on tax developments in the Middle East.
Key Contacts
Shiraz Khan
Head of Taxation
s.khan@tamimi.com
Foutoun Hajjar
Partner, Head of Office – Bahrain
f.hajjar@tamimi.com
Rad El Treki
Head of Corporate Structuring – Bahrain
r.eltreki@tamimi.com
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