With Bahrain’s parliament having voted to implement VAT on 1 January 2019, many businesses across the kingdom are scrambling to prepare themselves for the challenges and opportunities that VAT will bring. Some businesses may have already completed their VAT implementation journeys and are now ready – or shortly will be ready – for the next stage of their developments. Other businesses may not have left sufficient time to prepare their systems, their people and their technology for VAT. Recognising the need for all of Bahrain’s businesses to prepare for – and then comply with – Bahrain’s VAT legislation, Keypoint’s VAT team – the largest specialist VAT on the island – is launching a series of VAT services for business ready for this next stage.
Over the next 18 months, Bahrain businesses need to focus on:
- Ensuring the different parts of the business affected by VAT understand and apply updated processes, systems and policies correctly
- Keeping on top of legislative developments and updates, and ensuring that any changes that affect your business are accurately implemented
- Addressing any outstanding issues leftover from VAT implementation
- Seeking advice and/or clarification from the tax authorities on areas where VAT rules are unclear
- Ensuring the staff responsible for VAT continue to develop their understanding of VAT, building in-house VAT capability and knowledge across your business
To help support Bahrain businesses, our post-implementation services include:
- VAT helpdesk
- VAT healthchecks
- VAT return reviews
- Customised VAT training
- Outsourcing your VAT function
The attached brochure gives you more details on our post-implementation offerings.