KPMG set to host VAT seminar

MANAMA: KPMG, a provider of audit, tax and advisory services, said it will host a seminar in Bahrain to showcase key highlights of value-added tax (VAT) and its implications on businesses across the main economic sectors.

The half-day event will be held under the theme “60 days to VAT: what to do and what maybe not?” on Tuesday, at the Gulf Hotel Convention and Spa.

This month, the government published the VAT decree law No 48 in the Official Gazette after winning approval from both the Shura Council and parliament for introduction on January 1, 2019, said a statement from KPMG in Bahrain.

Once implemented, businesses within an annual supplies threshold of BD37,700 ($100,000) will need to administer, record, assess and report VAT obligations as well as VAT refund entitlements for their business transactions inside and outside of Bahrain, and submit them to National Bureau for Gulf Taxation within specific time frames, it added.

Being 60 days away from the big change, companies need to fully understand the VAT law and make the necessary changes to comply with the new tax regulations, said KPMG in its statement.

During the event, tax experts will explain companies how they can be VAT-ready mainly on the basis of lessons learnt from the other GCC VAT implementing countries, it added.

Source: http://www.gdnonline.com/Details/427337