KPMG in Bahrain recently hosted a tax and VAT awareness seminar in Arabic to discuss the key learnings and what to expect going forward as the kingdom approach the 1,000 days milestone since the introduction of VAT.
The event was attended by representatives from the local and international business community to learn from KPMGs Tax experts about the impact from VAT and other taxes on the marketplace. The seminar was moderated by Hassan Khalaf, Manager - Tax and Corporate Services, and Mansoor AlWedaie, Manager - Tax and Corporate Services, both from KPMG in Bahrain.
AlWedaie discussed information regarding the laws of economic substance which were implemented in 2019. These laws compel corporations that conduct relevant activities to disclose their revenues via the National Bureau of Revenue e-portal, as of this year.
He also addressed the reporting requirements for multinational corporations, which will come into force during the financial year 2021.According to these requirements, all multinational corporations and groups operating in Bahrain and having consolidated revenues equal to or exceeding BHD 342 million must evaluate whether or not they are subject to the requirements of disclosing reports applicable to multinational corporations via the website.
Hassan Khalaf, Manager - Tax and Corporate Services at KPMG in Bahrain, started his presentation by thanking the National Bureau of Revenue for providing taxpayers with the necessary information. He indicated that taxpayers can stay informed of the latest updates periodically by checking the guide available on the Bureaus website.
Hassan also addressed the latest developments, taxes and fees in the Kingdom of Bahrain, stating: The VAT Law came into effect in the Sultanate of Oman in April 2021, which may impact Bahraini corporations operating there.
Suppliers residing in Bahrain and supplying goods and services to corporations that are not registered in Oman may be required to register for VAT in Oman when the place of supply is in the Sultanate.
Additionally, suppliers residing in Bahrain and supplying goods to corporations that registered in Oman for tax purposes may be required to register for VAT in Oman when the place of supply is in the Sultanate. Accordingly, corporations must comply with the final deadlines for VAT registration in order to avoid tax penalties, he added.
During the virtual seminar, the participants also reflected on the previous VAT cycles and showcased some of the key challenges faced.
KPMG in Bahrain is a member firm of KPMG international. It was established as the first national accounting and auditing firm, and it has grown to be one of the largest professional services firms in the country. The firm provides audit, tax and advisory services to a wide array of clients operating in different sectors, utilizing the in-depth technical and industry experience of their professional staff. TradeArabia News Service
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