Dubai PR Network, Online Press Release from Dubai and Middle East
 
Economy & Statistics(Banking & Investments)
Filter PR by
  
Bahrain to implement VAT effective 1 January 2019
 

Dubai, UAE, October 08, 2018:  The parliament in Bahrain has today approved the introduction of Value Added Tax (VAT) which will be effective starting 1 January 2019 at the expected standard rate of 5%, based on a recent report by Gulf Daily News. With the aim to support businesses in Bahrain, Deloitte has been regularly holding series of awareness seminars to make companies ready for VAT. Being prepared is critical because VAT is generally a self-assessed tax, with errors often subject to severe penalties and business disruption. Businesses that have been operating in a largely non-tax environment should have started to prepare and analyze in detail what the implications of the new tax will be.

During October 2018, Deloitte will hold a new series of tax seminars which will be covering VAT fundamentals, the best approach for getting up to speed on key-aspects and reaching day one readiness in addition to the lessons learnt from the recent VAT introduction in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA).  

Deloitte has recently also  launched its new version of the “VAT in the GCC Guide” mobile app in Arabic and English to help businesses in their readiness phase.

With the prospect of the four (Bahrain, Kuwait, Oman and Qatar) GCC member states that have yet to implement VAT likely to begin releasing information relating to their implementation processes shortly, keeping track of the laws and regulations will be increasingly important. The app allows all the updated information to be stored in one place shortly after being released by the authorities.

“The introduction of VAT will be a big challenge for the local Bahrain market. Business now have less than four months to be prepared for these changes. If organizations have so far have not yet started, they should immediately start assessing the impact of the tax on their operations, commercial and pricing strategy and impact on their IT and financial reporting systems.  Our extensive VAT implementation experience in the UAE, KSA and other countries coupled with our active presence in the region, has enabled us to develop a practical and scalable approach to support client requirements throughout the implementation and beyond”, said Michael Camburn, Bahrain Indirect Tax Leader at Deloitte Middle East. 


Posted by : Dubai PR Network Editorial Team
Viewed 5313 times
PR Category : Banking & Investments
Posted on : Monday, October 8, 2018  9:39:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Egypt's vibrant startup ecosystem has potential, but currenc...
Next Story : S&P Global Ratings: Saudi Arabia 'A-/A-2' Ratings Affirmed; ...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Flormar's skincare range [10895-Views]
Childrenswear That Speaks With a Conscience [8692-Views]
Versace – Spring/Summer 2019 Collection [8510-Views]
Dubai Jewellers Come Together to Celebrate UAE Mothers [7967-Views]
Put your best skin forward for Spring/Summer 19' with Kocostar's Camouflage range [6130-Views]
Bentley Centenary Watch Celebrates a Proud Partnership [6027-Views]
The Amphis Ritual [5966-Views]
UL and Saudi Telecom Company announce plans to establish a Center of Excellence in Saudi A... [5917-Views]
Al-Futtaim Toyota and UAE Government Authorities confiscate 453,456 counterfeit car parts ... [5612-Views]
Now United to Perform at World Games' Opening Ceremony Pre-Show [5606-Views]
GROHE Shapes the Future of Water with a record number of innovations at ISH 2019 [5460-Views]
Pomsies launch six new Fabulous Friends! [5319-Views]
Al-Futtaim Honda launches the all-new Honda HR-V [5264-Views]
Time to Honour Our Moms with the Best from HONOR: Mother's Day Gift Guide [4904-Views]
Salvatore Ferragamo Timepieces - Spring/Summer 2019 Collection [4788-Views]
Malabar Gold & Diamonds awarded by ‘The Health Education and Promotion Department, Ministr... [4673-Views]
The UAE hosts the World [4648-Views]
Tonda 1950 Stone-set range [4630-Views]
New in this month at Home and Soul Dubai [4490-Views]
The Perfect Gift for Mother's Day [4209-Views]
Salvatore Ferragamo Timepieces – Spring/Summer 2019 Collection [4087-Views]
Region's Young Engineers Shine Light on Intelligent Energy Solutions at "Future Gener... [4087-Views]
The Balmain Haute Elegance Oval mirrors the brand's soul [3989-Views]
Go on, catch the summer moments [3837-Views]
Dubai Customs organizes women's “Tolerance Parade” in conjunction with International Women... [3794-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories