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On 3 June 2020, Bahrain’s Ministry of Industry, Commerce and Tourism (MOICT) issued a list of activity codes (as attached below) which the MOICT considered these to be relevant activities as prescribed under the Ministerial Order No. (106) of 2018 concerning Economic Substance (ES) requirements in Bahrain.

 

An entity which had one or more of the activity codes in its Commercial Registration was obligated to comply with the ES requirements including the submission of ES Return within 3 months from the end of financial year. For entities with financial year ended 31 December 2019, the MOICT granted an extension of time until 30 June 2020 for submitting the ES Return.

 

The MOICT have now started to issue violations against entities that had failed to submit their ES Return by the deadline. These entities are urged to submit their ES Return as soon as possible before the MOICT imposes stiffer sanctions or penalties.

 

If the above applies to your entity, please reach out to us for assistance.

 

Philippe Norré

Partner

T: +973 17201400

E: pnorre@kpmg.com

KPMG Fakhro

Ali AlMahroos

Director

T: +973 17201459

E: aalmahroos@kpmg.com
KPMG Fakhro

Adria Campbell

Manager

T: +973 17201403

E: abugeac@kpmg.com

KPMG Fakhro

Nik Faiziman Affandi

Manager

T: +973 17201457

E: naffandi@kpmg.com

KPMG Fakhro

Hasan Khalaf

Manager

T: +973 17224807

E: hakhalaf@kpmg.com

KPMG Fakhro

Shashank Chandak

Manager

T: +973 17201462

E: shashankchandak@Kpmg.Com

KPMG Fakhro