PHOTO
Celebrating the 200th anniversary of British - Bahraini relations
Keynote Speaker Mr. Arshad Gadit, BDO Bahrain Partner Assurance and Business Advisory, briefed the members of the BBBF about the upcoming VAT changes and its impact on Bahrain and other GCC countries
Manama, Bahrain – BBBF yesterday hosted its monthly networking lunch event at the Radisson Diplomat Blu Hotel. The meeting was chaired by the BBBF Deputy Chairperson Ms. Paula Boast, and featured Mr. Arshad Gadit, BDO Bahrain Partner Assurance and Business Advisory, as the keynote speaker. BBBF members and their guests were given a presentation by Mr. Gadit about the upcoming changes in Value Added Tax (VAT) in the GCC and its anticipated effects on Bahrain and the region.
In his presentation Mr. Gadit analysed the implications and shared his knowledge on VAT, which is proposed to be introduced in the GCC states by 2018/19. The meeting was attended by more than 100 members of the BBBF, leading businessmen and women, who had the opportunity to expand their knowledge and further their understanding of the upcoming system.
"The introduction of a VAT system in Bahrain and the other GCC states could be an uphill battle for the businesses to comply with. This indirect tax system is new to the region, although it has been widely used by a number of other countries for quite some time now. At BDO we are advising our clients on lessons learned from the countries where VAT is already a part of the tax mechanism. Initially VAT seems simple to apply but the devil is in the detail. The trick is to start early and avoid causing disruption to your business," said Mr. Gadit.
VAT practices are expected to be introduced by the year 2018 in some GCC countries, but the dates and the road map for implementation are yet to be announced.
In her address Ms. Boast outlined some of the forum’s forthcoming events for the last quarter of the year, including the annual charitable Poppy Ball on November 18. For the Armistice Day, the BBBF will once again host the Chelsea Pensioners. November also sees the launch of the new ‘Women in Business’ special interest group. The ever popular Christmas lunch is planned for December before the final event of the year, BHUK2016 National Day golf event, concludes the year’s activities for the forum.
-Ends-
About BBBF:
The BBBF was set up in 1995 and has grown from the original 16 members to over 450 members today. It aims to promote trade and investment between Bahrain and Britain in a non-discriminatory, non-political and non-profit making manner. The BBBF is widely recognized in Bahrain and the UK as a leading impartial business sector group. The Forum works to create and sustain a favourable business environment. The BBBF strives to assist and introduce new trade and investment to both countries to benefit and enhance the common economic interests of our member companies.
About BDO:
BDO in Bahrain (www.bdo.bh) is one of the largest professional firms in Bahrain for auditing, business advisory and corporate support services. As a member of BDO International Limited, a UK company limited by guarantee, BDO in Bahrain forms part of the international BDO network of independent member firms.
BDO International (www.bdointernational.com) is a worldwide network of public accounting firms, called BDO Member Firms. Each BDO Member Firm is an independent legal entity in its own country.
The fee income of the member firms in the BDO network, including the members of their exclusive alliances, was $7.30 billion in 2015. These public accounting, tax and advisory firms provide advisory services in 154 countries, with almost 65,000 people working out of 1,408 offices worldwide.
BDO is the brand name for the BDO International network and for each of the BDO Member Firms.
Media Contact:
Sari Mabire
Group Account Director
Hill + Knowlton Strategies
T: +973 1753 3532
E: sari.mabire@hkstrategies.com
Media Contact:
Pankaj Nallur
Administration Manager
Bahrain
M: 36953007
T: 1753 0077
E: pankaj.nallur@bdo.bh
© Press Release 2016
