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COVID-19 response

COVID-19 has seen many organisations trigger business continuity measures, where already in place, and others trying to quickly put basic contingency measures in place. While many people are now working relatively effectively from home, this is not the time to sit back and relax. Countries are continually changing the measures they have implemented to combat the global pandemic – and businesses are scrambling to align themselves with new requirements.

Organisations now need to carefully examine and realign their contingency plans to ensure they remain practical and effective. This is not an annual requirement – it is a live issue that needs a continual and continuous response.

Keypoint has a deep understanding of business continuity and disaster recovery planning. To support clients as they adapt to new ways of working, we are rolling out a new suite of business continuity services aligned with leading practice and ISO22301:

  • Validations of business continuity readiness
  • Remote & on-site in-depth testing of business continuity
  • Outsourcing of business continuity functions

For more information on how we can support your business continuity needs, talk to your regular IT Consulting contact.

Taxflash 2 April 2020

Keypoint’s market-leading tax team are hosting a series of webinars, keeping key decision makers at Bahrain and regional businesses updated on VAT returns, NBR updates, the implications of COVID-19 for VAT and the financial services sector and other tax developments, such as Bahrain’s recently introduced economic substance rules.

Details on how to register in this week’s TaxFlash.

IT newsflash Covid-19 cyberattacks

Cybersecurity experts are warning that cybercriminals are exploiting changes in the way people are working in the wake of COVID-19 to distribute malicious payloads and attempt to extract data from remote workers. For more, please see our newsflash or contact our IT security team.

 

Financial regulatory compliance newsflash 16 March 2020

The Central Bank of Bahrain’s (CBB’s) financial crime module (FC3.3.1B) obliges investment firms to report the quality of their anti-money laundering procedures, systems and controls and compliance with the module, for more details please refer to this week’s Financial regulatory compliance newsflash .

The report must be generated by the licensees’ external auditor or a consultancy firm approved by the CBB. The CBB has introduced a supplementary information appendix which includes the agreed upon procedures to be completed for the review.

Keypoint Solutions W.L.L. has been approved by the CBB to review the effectiveness of AML/CFT procedures, systems and controls.

For more details please contact Dr Mukund Ballal on 1720 6813 or Ghada Awdi on 1720 6838.

VAT alert – Warranty clarifications

Bahrain’s National Bureau for Revenue (NBR) has clarified the VAT treatment of various warranty transactions, based on the NBR’s view that the provision of repair services should not be viewed as a separate supply for VAT purposes.  When repair costs are recovered from the manufacturer, the VAT treatment depends on whether the warranty cost was included in the sale price. Please see our VAT alert for more details.