Audit, Tax and Advisory firm in Bahrain, KPMG Fakhro continues its’ ongoing efforts to educate the public and the business community on the upcoming introduction of Value-Added Tax (VAT). Craig Richardson, head of Tax and Corporate Services, and Ali Al Mahroos, Manager of Tax and Corporate Services at KPMG in Bahrain recently delivered presentations at the Bahrain Indian Society and the Capital Club to discuss the mechanism and implication of VAT on the business landscape.
In late October 2016, most GCC countries signed a framework agreement to introduce VAT at a rate of 5%. Individual member states will now draft domestic legislation in the coming months, with implementation scheduled to start on 1 January 2018. Countries, which may not be ready by the scheduled launch date, may be granted an extension to 1 January 2019 at the latest.
Today, business need to think carefully about their procurement processes, operating models and systems to prepare for VAT once it is officially launched. To raise awareness of this development, KPMG in Bahrain has been running VAT seminars since June this year to help companies across the various business industries to prepare for this imminent change.
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