VAT implementation takes off smoothly in Bahrain

Manama, Feb. 26 (BNA): The implementation of value added tax (VAT) in Bahrain which took into effect from January 1, has been smooth and no complaints or problems were recorded on the hotline provided by the government. Rasheed Al Maraj, Governor Central Bank of Bahrain, (CBB), said at the opening of the annual GCC Financial Forum that the $10billion fiscal balance programme was yielding positive economic results. As Bahrain continues to play a pivotal role in the global financial ecosystem, the annual GCC Financial Forum 2019 returned to the Kingdom with leading regional and global industry heavyweights supporting the event. Talking about the strength of the national economy, Al Maraj said that the Bahrain’s banking system was working smoothly and the global rating agencies Fitch and S&P were provided with the data as they requested. Earlier, the Governor said that Bahrain’s banking system had recorded profitability and growth in 2018 and overall the year was good. Khalid Al Rumaihi, the Chief Executive at the Economic Development Board, in his remarks during the forum said that the attendance of over 1,000 delegates was very encouraging and hoped this type of forum would help in grooming the startups and innovations in the banking and the financial sector. “The EDB has excellent working relationship with the CBB.” The EDB will continue to work closely with the CBB on various projects like fintech and sandbox in order to implement the equal playing field regulations for the innovative,” Al Rumaihi said. Co-hosted by Euromoney Conferences and the EDB, the forum brought together over 1,000 global participants drawn from banks, policy bodies, regulators, government officials, academics and the wider FinTech sector for lively discussion, knowledge-sharing and networking on how technology is redefining financial services around the world. Under the theme of the ‘Reinvention of Financial Services’, the forum will analyse, among other things, responsible finance, women driving innovation in finance, open banking and expected FinTech trends in the Middle East. The keynote speaker was Steve Wozniak, co-founder of Apple Computers and now a respected FinTech expert. “The GCC Financial Forum is the annual who’s who event for an industry undergoing dramatic reform. We are therefore delighted to welcome an illustrious list of local and international sponsors who are embracing technology in their businesses and welcome their invaluable insights in this fast-moving sector,” Victoria Behn, Director of Middle East and Africa at Euromoney Conferences, said.