Bahrain's Ministry of Industry, Commerce, and Tourism (MOICT) has issued guidance on the economic substance requirements that were introduced with effect from 1 January 2019 in order to comply with BEPS Action 5. The requirements apply for relevant entities carrying on relevant activities. Relevant activities for which the economic substance requirements apply include the following covered by the MOICT: Distribution and service center activities; Headquarters activities; Holding company activities; Leasing activities (other than those activities undertaken by licensees of the Central Bank of Bahrain - CBB); Shipping activities; and Intellectual property activities in Bahrain. The requirements include that companies engaged...