The challenges faced by and in the Financial Services sector in VAT.
Around 25 key officials from financial institutions in the Kingdom of Bahrain attended an exclusive closed roundtable discussion organized by KPMG in Bahrain to discuss the challenges faced by and in the Financial Services sector following the formal introduction of VAT in Bahrain.
Philippe Norré, Partner and Head of Indirect Taxes at KPMG in Bahrain, was the moderator during the event and said “With their first VAT returns due latest by 30 April 2019, banks and other financial institutions still face lack of VAT treatment clarity around several typical financial offerings. This poses a high risk to be able to properly prepare the VAT return and underlying reporting.”
During the discussions, the KPMG Tax team and the attendees discussed a large number of issues and challenges faced daily by banks and where the correct VAT treatment remains unclear. Industry alignment was strived for and Global and regional’s best practices applied. Several action points were agreed to achieve an aligned and correct VAT application by banks and financial institutions, internally and towards the clients and public.
The event was hosted on Wednesday, 27 February 2019 at Westin Bahrain City Centre. For more information about KPMG in Bahrain’s events, please contact Khalid Seyadi, marketing officer at KPMG in Bahrain, on email@example.com.
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