The inception of VAT will certainly pose a significant challenge the Kingdom of Bahrain. This is largely due to the plethora of business from a non-tax environment, who will be obliged to conform to the rules of the new VAT system. The implementation of VAT requires a change in business processes that will require research, change, and guidance, as the current ecosystem has not yet been adapted to this type of taxation. Following is our approach and methodology to support businesses during this crucial time.
Understand business operation and map processes and transaction flows to VAT requirements.
Review legislation and assess impact.
Assess IT impact by evaluating current accounting software or recommendation of new one.
Review sample contracts.
Prepare an implementation plan.
Implement changes required in IT solution.
Employee training and development.
Assess businesses in the registration process.
Review data entry and accounting process to ensure compliance with tax authority guidelines.
Assess in filing the first VAT return.
Count down for VAT Launch