Role of robotics in VAT probed

MANAMA: More than 90 senior executives, information technology and tax professionals from the local business community attended a webinar organised by KPMG in Bahrain to discuss the role of robotics in improving VAT efficiencies.

The online session also featured the launch of the firm’s robotics process automation solution, KPMG Enara, which is designed to help businesses navigate the challenges they are facing and to improve their VAT management and reporting.

During the online session, Philippe Norre, partner and head of tax and corporate services at KPMG in Bahrain, said, “VAT has been implemented in Bahrain for nearly 18 months. The National Bureau for Revenue (NBR) has been managing audits and compliance in a professional and efficient manner; and their vision is to be a fully digital and technology enabled Tax authority. This requires companies in Bahrain to be equally efficient in reporting and filing VAT returns. Therefore, data gathering and tax accounting now require an inevitable switch to much more automated processes in tax.”

“The NBR’s vision is to be a digital and technology enabled Tax authority which in effect means that companies should now carefully consider their strategy to keep pace and review their reporting efficiency. This includes a switch to an automated and intelligent reporting system.

“VAT returns as we know it, will only be in place for a limited time before a switch to data files reporting,” Mr Norre added.

Source: http://www.gdnonline.com/Details/823355/Role-of-robotics-in-VAT-probed