The implications and consequences the new tax will have across the main economic sectors of the Kingdom.
Around 200 senior executives from the Bahrain business community attended today a session organized by KPMG in Bahrain to jointly discuss the recently published VAT Law, the implications and consequences the new tax will have across the main economic sectors of the Kingdom. Being 60 days away from VAT implementation in the Kingdom of Bahrain, the half-day event was an ideal platform for delegates to discuss and understand the type of changes they need to make to comply with the new tax environment.
Philippe Norré, Partner and Head of Tax & Legal at KPMG in Bahrain and Ali Al Mahroos, Senior Tax Manager at KPMG in Bahrain were the keynote speakers. During the event, they reviewed practical steps companies must take in the next few weeks to be VAT ready in time. There were lessons to be learnt from the United Arab Emirates and the Kingdom of Saudi Arabia but in particular the very specific Bahrain environment and the specifics of the Bahrain system were reviewed against actions required.
“VAT will not impact the business itself, but it will change how companies administer their business. VAT does not need to be only a burden and risk to businesses but it can also be an opportunity for better processes, optimization of systems, introduction of technology for tax and better risk management.
The business community must embrace this change and focus on managing it effectively to ensure it has a neutral impact. The exercise can seem overwhelming, especially given the short timeframe available to the official VAT implementation date on 1 January 2019. But companies can prioritize by focusing on key areas and key points within these areas: reviewing and upgrading their IT/ERP systems from within and with a first action plan around a correct application of VAT to the supplies and purchases, start communicating with their vendors and clients to inform them about the changes VAT will bring to the supply chain and conduct training for staff to educate them to lead by example on correct VAT application and compliance.” Norré commented.
The event was held at the Gulf Hotel today, Tuesday 30 October 2018, under the theme “60 days to VAT: what to do and what maybe not? “For more information about KPMG in Bahrain’s VAT and Tax events, please contact Khalid Seyadi, marketing officer at KPMG in Bahrain, on firstname.lastname@example.org.
KPMG in Bahrain is a member firm of KPMG International. The firm was established in 1968 as the first national accounting and auditing firm, and it has grown to be one of the largest professional services firms in the country. The firm provides Audit, Tax and Advisory services to a wide array of clients operating in different sectors, utilizing the in-depth technical and industry experience of its professional staff.
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