Bahrain: New electronic filing requirement for economic substance returns

The Ministry of Industry, Commerce and Tourism issued a notice regarding economic substance returns

A notice regarding economic substance returns

The Ministry of Industry, Commerce and Tourism issued a notice regarding economic substance returns.

The economic substance rules in Bahrain apply to entities (corporations, branches, and partnerships) that conduct one or more of certain listed activities. Read TaxNewsFlash

Those required to file an economic substance return are to complete this filing requirement through the National Bureau of Revenue (in addition to FATCA and CRS reporting). The revenue agency launched a new International Tax Information Exchange System (ITIES) portal for these purposes.

All entities subject to the Bahrain economic substance requirements need to register on the portal and file their economic substance returns for the fiscal year ending 2020 and onwards via the portal.

Entities that have already submitted their 2020 economic substance returns manually (via email) will need to refile the economic substance return through the ITIES portal.

Read a May 2021 report [PDF 100 KB] prepared by the KPMG member firm in Bahrain

 

 

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