Insights on forthcoming VAT mandatory compliance procedures.
Audit, Tax, and Advisory Firm, KPMG in Bahrain is organizing a seminar in cooperation with Capital Club Bahrain to share insights on forthcoming VAT mandatory compliance procedures with the business community.
The half-day seminar will be held at the Capital Club on 10 of September 2017 under the theme “VAT compliance and reporting enabled through technology”. With VAT expected in Bahrain by mid-2018, the event represents an ideal platform for business executives, finance, IT and procurement managers to gain detailed insight on cutting-edge solutions they can use to administer VAT.
Philippe Norré, Head of Indirect Taxes at KPMG in Bahrain explained, “Businesses across all sectors need to approach VAT implementation in a structured manner, starting by assessing the expected impact of the new tax system on their operations and reviewing the readiness of their infrastructure, systems and resources to calculate and administer VAT. Inaccurate reporting of VAT returns can lead to losses and business disruption. Failure to meet the required reporting formalities in time can expose companies to penalty charges and litigation from the competent authority. However, if planned in a timely and effective manner, VAT should have a neutral impact on most registered businesses. Other businesses can adopt technology solutions to maximize VAT recover.”
Requirements will vary among GCC Member States, but compliance fundamentals will be the same allowing for cross-GCC solutions. Businesses within annual supplies threshold of USD 100,000 (BD 37,700) will need to record, assess and report VAT obligations as well as entitlements in accordance with the local law and submit them to the competent authority.
This event comes as part of a series of upcoming VAT events organized by KPMG in Bahrain to raise awareness of the new tax system, which will change the business landscape in Bahrain and the region.
Sumeet Jhingan, General Manager of Capital Club Bahrain also commented on the joint event “In line with our ongoing efforts to provide our members with insightful events, Capital Club is honored to collaborate with KPMG in Bahrain to host a workshop on VAT. We are glad to have the opportunity to work with the audit, tax, and advisory firm to educate businesses in Bahrain on the new tax system that is expected to impact their operations. We look forward to working on more such events together with KPMG”.
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