Second wave of value-added tax (VAT) roll out.
In preparation for the second wave of value-added tax (VAT) roll out, KPMG in Bahrain has recently conducted an informative session on the registration and compliance requirements of VAT to members of the Bahrain Society of Engineers (BSE). Representatives from engineering firms and engineers from across all sectors also obtained valuable insight from KPMG’s tax experts on the lessons learnt from the already registered companies from phase one that commenced on 1 January this year.
Effective from 1 July 2019, enterprises with annual supplies’ threshold of BD 500,000 and above will need to register for VAT. The same will apply to smaller entities with annual supplies’ threshold of less than BD 500,000, starting from 1 January 2020.
The workshop held at BSE headquarter in Juffair was part of KPMG in Bahrain’s ongoing efforts to participate in interactive discussions with key players in the businesses community to update them on the indirect tax updates and requirements.
© 2020 KPMG Fakhro, a Bahrain partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG and the KPMG logo are registered trademarks of KPMG International, a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.