KPMG in Bahrain Is Organizing a Seminar to Support Businesses With the Third Wave of the Value-Added Tax Implementation

KPMG in Bahrain is gearing up to host an important seminar session on 11 December 2019 at the InterContinental Regency Hotel to discuss actions and consequences of the third and final wave of VAT implementation in the Kingdom of Bahrain. It supports further the awareness efforts of the National Bureau for Revenue (NBR).  From 1 January 2020 onwards, all businesses and individuals conducting a business will now fall under the VAT system if an annual turnover of BD 37,500 is realized. The concerned companies will need to aply for VAT registration latest by 20 December 2019 but earlier action is strongly advised given the high number of expected applications.

Philippe Norré, Partner and Head of Taxes and Corporate Services at KPMG in Bahrain, commented on the upcoming event, and 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 at no cost.

For more registration and more information, please contact Asfia Shafi on email: asfiashafi@kpmg.com or Tel: +973 17222314

KPMG in Bahrain is a member firm of KPMG International. The firm was established in 1968 as the first national accounting and auditing firm, and it has grown to be one of the largest professional services firms in the country.  The firm provides Audit, Tax and Advisory services to a wide array of clients operating in different sectors, utilizing the in-depth technical and industry experience of its professional staff.