Implications of VAT in Bahrain probed
MANAMA: More than 200 senior executives from the kingdom’s business community attended a session organised by KPMG in Bahrain to discuss the recently published VAT Law, its implications and consequences across the main economic sectors.
Held at the Gulf Hotel Convention and Spa, the event served as a platform to discuss and understand the type of changes businesses need to make to comply with the new tax environment 60 days from now.
KPMG in Bahrain partner and head of tax and legal Philippe Norre and senior tax manager Ali Al Mahroos were the keynote speakers. They reviewed practical steps companies must take in the next few weeks to be VAT ready in time.
They shared lessons to be learnt from the UAE and Saudi Arabia as well as specific actions required in the context of the Bahrain environment and system.
“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, optimisation of systems, introduction of technology for tax and better risk management, said Mr Norre.
“But companies can prioritise 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.”
Source: http://www.gdnonline.com/Details/428511/Implications-of-VAT-in-Bahrain-probed
