KPMG Fakhro hosted a seminar in Bahrain for entrepreneurs to discuss key challenges that businesses will face in the upcoming years including the changing regulatory and tax environment in the region.
A member firm of KPMG international, it provides audit, tax and advisory services to a wide array of clients operating in different sectors in Bahrain.
The firm was established in 1968 and has been growing in stature and reputation ever since.
The session was held as part of the firm’s entrepreneurship club activities, which brought together over 60 business people who discussed topics related to regional expansion.
Attendees from companies interested to grow their businesses outside of Bahrain enjoyed the opportunity to hear from successful entrepreneurs with prominent regional presence as well as KPMG experts.
Harish Gopinath, the partner and head of family business and private enterprises at KPMG in Bahrain, said: “Since the inception of KPMG’s entrepreneurship club in Bahrain in 2014, we have been committed to coaching and mentoring entrepreneurs.”
“They represent significant percentage of the business community, and helping them grow has enabled us to increase our positive impact on the local economy,” he noted.
During the session, Ram Ramakrishnan, the general manager of Jawad Business Group, and Mohamed Al Zain, the chief executive of Al Zain jewellery – shared their success stories with the attendees, while shedding light on the key challenges faced and how they were turned to opportunities.
Among the key challenges that businesses will face in the upcoming years is the changing regulatory and tax environment in the region, with a specific focus on the imminent introduction of Valued Added Tax (VAT), said KPMG Fakhro.
Effective from January 1, 2018 it is anticipated that Bahrain, along with the other member states of the Gulf Co-operation Council, will introduce VAT at a rate between three to five per cent.
During the seminar, Ali Al Mahroos, the manager of tax and corporate services at KPMG in Bahrain, explained what businesses need to consider from both a regulatory and tax perspective when expanding outside of Bahrain, to better understand the respective business implications this could have.
Al Mahroos also emphasised impact the introduction of VAT will have and the importance of preparing for this change, despite the current lack of specific guidance.
Tamkeen executives were also present during the event to highlight the key resources available to stimulate the business growth of Bahraini entrepreneurs