In anticipation of the proposed VAT rate increase, KPMG in Bahrain recently conducted an informative session on the implications of the rate change to members of the Bahrain Insurance Association. More than 60 representatives from insurance firms across Bahrain attended the online event to obtain valuable insights on how to prepare for the imminent change from KPMG’s Tax and Corporate Services Partner Mubeen Khadir, Omar Hisham, Tax and Corporate Services Senior Manager; and Zainab Mearaj, Tax and Corporate Services Deputy Manager at KPMG in Bahrain. Omar Hisham and Zainab Mearaj recognized as leading advisors to the insurance industry having worked with over 50 insurance businesses in Saudi Arabia, Bahrain, the UAE and Oman showcased lessons learned from the VAT rate change in Saudi Arabia.
Mubeen Khadir stated “Insurance, globally, is recognized as a complicated, specialist industry. VAT has added an extra layer of complication – and insurance businesses need to develop and maintain consistent approaches to the issues that insurance raises. As a leading service provider to the insurance industry, we were delighted to share our experience and industry focus with a range of insurance companies.”
In September 2021, the Council of Ministers in Bahrain approved an increase in the standard rate of VAT from 5% to 10% with effect from 1 January 2022. This comes as part of fiscal reform efforts to re-stabilize the local economy which was impacted by Covid-19.
The event was held today, 13 October 2021, as a virtual webinar. For more information and upcoming events, please contact Khalid Seyadi directly on firstname.lastname@example.org.