|06 December, 2019

Focus on final wave of VAT implementation in Bahrain

From January 1, 2020 all businesses and individuals conducting a business will now fall under the VAT system

Image used for illustrative purpose. VAT implementation in UAE.

Image used for illustrative purpose. VAT implementation in UAE.

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MANAMA: Actions and consequences of the third and final wave of VAT implementation in Bahrain will be up for discussion during a seminar hosted by KPMG in Bahrain on Wednesday.

Being held at the InterContinental Regency on Wednesday, the event is part of the firm’s efforts to further the awareness efforts of the National Bureau for Revenue (NBR).

From January 1, 2020 all businesses and individuals conducting a business will now fall under the VAT system if an annual turnover of BD37,500 is realised.

The companies concerned will need to apply for VAT registration by December 20, 2019, however KPMG is advising earlier action given the high number of expected applications.

Philippe Norre, partner and head of taxes and corporate services at KPMG in Bahrain, said: “Looking back at the previous VAT cycles, lack of knowledge about the registration process and the inaccurate record-keeping and tax accounting remain among the main challenges faced by businesses in Bahrain. As we are approaching the third and final wave of VAT roll out in Bahrain, I encourage all eligible businesses and business owners to attend the seminar to learn more about the registration requirements, gain insight on the lessons learnt from the previous phases and the recommended solutions.”

During the session, KPMG in Bahrain’s tax team will review requirements and best practices in tax accounting, which is crucial for businesses to ensure ongoing VAT compliance.

They will also address any issues raised by the attendees, and the team will be ready onsite to provide on-the-spot assistance with the VAT registration application.

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