Manama: Bahrain should promote its current no-taxation business structure more aggressively to attract new businesses to its industrial zones, said an expert on international taxation. Chartered accountant Sanjiv Chaudhary was speaking on the sidelines of the eighth International Conference of the Bahrain Chapter of the Institute of Chartered Accountants of India (BCICAI) under the theme "Challenges Create Opportunities".
"Bahrain has a huge advantage in that it levies no corporate tax. I believe that the kingdom must promote special economic zones and create a base for new businesses, create support infrastructure that will drive growth," he said.
The annual conference, held under the patronage of Industry, Commerce and Tourism Minister Zayed Al Zayani, was attended by more than 400 chartered accountants from Bahrain, India and the GCC. A key focus this year has been Bahrain's outlook for 2017 and a panel discussion was conducted with KPMG Fakhro managing director Jamal Fakhro moderating and inputs from Bahrain Islamic Bank chief executive Hassan Jarrar, Economic Development Board chief economist Dr. Jarmo Kotilaine and Bin Faqeeh Real Estate Investment Company director, finance and risk Sushil Jain.
The panel's consensus was that 2017 will continue to be a challenging year for the region and the Bahrain business community would need innovation to meet the challenge.
Indian Ambassador Alok Kumar Sinha and Industry, Commerce and Tourism Ministry assistant under-secretary Hameed Rahma inaugurated the event. Institute of Chartered Accountants of India (ICAI) president Devendra Reddy said that the 15,000-plus chartered accountants in the Gulf played an important role in building the brand of the profession. BCICAI chairman Vivek Kapoor pointed out that the 2016 conference had set many firsts including a focus on Bahrain's economic outlook for 2017, a media desk to report the proceedings in real time and a live webcast that will reach more than 10,000 people globally.
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