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Bahrain on the eve of full value-added tax (VAT) roll out
Let’s get ready together with KPMG in Bahrain’s Tax Team
Let’s get ready together with KPMG in Bahrain’s Tax Team
From 1 January 2020 onwards, all businesses and individuals conducting a business will now fall under the VAT system if an annual turnover of BD 37,500 is realized. Applying for a VAT registration number, receiving this number in time for the new calendar year and putting in place from day 1 a proper Tax accounting system to prepare for accurate tax returns is not an option, it is an obligation.
The National Bureau for Revenue (NBR) is continuously monitoring progress on VAT registration applications, calling many stakeholders and is linked in with the records at MOICT so ignoring the legal obligations is not an option and a penalty of BD 10,000 will automatically be imposed on any business or business owner that/who misses the deadline for VAT registration.
Aligned with the support and awareness effort of NBR, The Tax and Corporate Services Team at KPMG in Bahrain invites all businesses and business owners to its seminar where all requirements for VAT registration, Tax accounting and VAT compliance will be explained in a clear and comprehensive way. Also the correct application of the VAT on daily transactions (sales and purchases) will be covered. At the conclusion of the seminar all participants will know what steps to take (if any) and how to comply with the ongoing VAT obligations.
Do your VAT registration
KPMG in Bahrain’s team will be available at the venue to assist you in assessing the need to register for VAT and assist you immediately with this registration. This will come at NO COST for the participants and will allow avoidance of the BD 10,000 penalty. Prior to the event, participants will be informed about the documents and information to bring along for the VAT number application.
| Date | Time | Location |
| 11 December 2019 | 8:30 am– 11:00am | Al Riffa ballroom, InterContinental Regency Bahrain |
Agenda
During the event, our Tax team will also shed light on the following topics:
— new insights on NBR’s approach in Bahrain
— challenges faced to date by tax payers and solutions
— VAT registration requirements
— Bahraini VAT compliance requirements and process
— KPMG’s compliance technology and methodology (turning compliance from risk to value add) for small and medium sized businesses and other solutions
— actions before and after submission of the returns.
Moderator
Philippe Norré, Partner and Head of Indirect Taxes at KPMG in Bahrain, will facilitate the discussion. He has a track record in providing VAT and indirect tax consultancy to key organizations across all industries and all sizes. Most importantly, he has deep understanding of Bahrain and the region’s business environment. He has advised several Gulf Cooperation Council (GCC) government ministries on the development and implementation of their VAT laws and tax authority infrastructure. He has also advised companies and authorities on VAT and indirect taxes in Australia, India, Hungary and Armenia. This is in addition to serving as the personal advisor to a EU Commissioner for taxation.
Registration fee
Free
Please register by clicking on the link above or contact Asfia Shafi on E: asfiashafi@kpmg.com or T: +973 17224807 with your full name, company name and job title.
