Worldwide Corporate Taxes Summaries——Bahrain(2001-2002)

Worldwide Corporate Taxes Summaries——Bahrain(2001-2002)

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SIGNIFICANT DEVELOPMENTS
There have been no significant tax or regulatory developments in the past year.

TAXES ON CORPORATE INCOME
With the exception of certain specific taxes on oil-producing and exploration companies, there are no taxes in Bahrain on income, sales, capital gains, or estates. There are no taxes or withholding taxes on interest, dividends, fees, or other remittances. Companies are allowed to transfer accumulated profits and capital without restrictions. An annual commerCIAl registration fee is payable by all companies. Such fees vary according to the business activity and the form of the company.
Exempt companies/A Ministerial Decree provides for the establishment of exempt companies. These companies can be wholly owned by foreign nationals or corporations. They are prohibited from carrying on any business within Bahrain; however, they are expected to maintain an office in Bahrain and
conduct at least some of their management in Bahrain. An annual
registration fee of BD3,000 is payable by each company, except for banks, insurance companies, and investment companies, for which the following fees apply.
                                            Closed     Public
                                              BD         BD
  Banks…………………………………………     12,000      75,000
  Insurance companies…………………………    6,000      12,000
  Investment companies ………………………    9,000      30,000
Brass-plate companies/During 1993, a Ministerial Decree was passed, providing for the establishment of brass-plate companies in Bahrain. These companies can be owned wholly by foreign nationals and can use the address of their accountants or lawyers to register their office in Bahrain.
However, they are prohibited from carrying out investment, banking, or insurance business. An annual registration fee of BD300 is payable by each company. The minimum share capital required is BD2,500.Offshore banking/Offshore banking licenses are granted and regulated through the Bahrain Monetary Agency. An annual fee of BD12,000 is paid by each institution granted an offshore banking license. As with exempt companies, offshore banking units are generally prohibited from conducting business with Bahrain residents, but their operations must be based in
Bahrain.

NOTE
Exchange rate (selling) of the dinar at December 31, 2000: US$1=BD0.377.

      

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北京中立诚会计师事务所简介下载
地 址:北京朝阳区北苑路13号领地OFFICE大厦B座7层701室
电 话:(010)- 52086638 51095615
传 真:(010)- 52086636
邮 编:100107
E-mail:supercpa@163.com