Roll out effective 1 January 2020
Aligned with the communication effort by the National Bureau for Revenue (NBR), KPMG Bahrain hosted a seminar to discuss implications of the third and final wave of VAT implementation in the Kingdom of Bahrain. All businesses and individuals conducting a business will fall under the VAT system and be obliged to apply for a Tax number effective from 1 January 2020, if an annual turnover of BD 37,500 is realized. This application must be submitted latest on 20 December 2019 but it is recommended to do this at the earliest convenience since the deadline falls on a Friday and given the expected high number of applications to be processed.
Around 70 representatives from the local business community attended the event held on 11 December 2019 at the InterContinental Regency Hotel. Philippe Norré, Partner and Head of Taxes and Corporate Services, and Ali Al Mahroos, Director of Taxes and Corporate Services, at KPMG Bahrain were the main keynote speakers. During their presentations, they discussed NBR compliance requirements and the best approach for tax accounting, which is crucial for businesses to ensure ongoing correct VAT compliance. Several participants used the free assistance at the event to apply for their Tax number, ensuring they are in time to meet the legal obligations.
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