UAE clients with operations in Bahrain should be urgently considering how to manage the introduction of VAT in Bahrain, as this now appears to be less than three months away.
Yesterday, the Permanent Committee for Financial and Economic Affairs gave approval to introduce VAT with an expected effective date of 1 January 2019. The Shura Council is holding an irregular, extraordinary session today to discuss a range of matters including the proposed VAT law.
Given the short time frame, there is much that can be done ahead of the release of VAT legislation to facilitate the necessary process and system changes for compliance.
We have worked with many clients on implementation of their VAT systems in the UAE, and can draw on this expertise to assist you. KPMG also has a local team on the ground in Bahrain who can assist.
We will keep you informed of any further VAT developments in Bahrain, as soon as the legislation becomes available.
Please contact us if you would like to know how we can assist with your preparations.
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