VAT in practice discussed at BBBF Banking & Finance SIG meeting
BBBF’s Special Interest Group for Banking and Finance professionals in partnership with BDO hosted a meeting to discuss the upcoming VAT in practice and its implications on the businesses in Bahrain and other GCC countries
Manama: The Bahrain British Business Forum and BDO hosted a meeting at the Gulf Hotel Convention Centre to discuss the upcoming introduction of VAT in Bahrain. The meeting featured BDO Bahrain’s VAT specialists Ms. Smita Roy, BDO Partner (Leader VAT) and Mr. Marlon Appleton, BDO Senior Manager (VAT), as the guest speakers.
More than 130 BBBF members were given a presentation by Ms. Roy and Mr. Appleton, who provided the latest information from the Ministry of Finance about the implementation of VAT in Bahrain on 1 January, 2019. The presenters also shared their collective experience from the implementation and practice of VAT in Saudi Arabia, the UAE and the UK.
Ms. Roy commented: “With the VAT implementation just weeks away, it is critical for businesses in Bahrain to understand that VAT will impact every aspect of business from transactions, processes, documentation to people; and it is vital they be ready and prepared for the change. While this indirect tax system is new to Bahrain, VAT regime has been in place in various countries for quite some time and BDO’s VAT experts with their rich experience can provide comprehensive support to companies in navigating the VAT journey in Bahrain.”
“To avoid many of the pitfalls experienced by businesses in Saudi Arabia and the UAE, it is important for businesses have an action plan for VAT readiness to ensure smooth transition to VAT. The readiness measures should be effectively deployed to avoid last minute chaos,” added Mr. Appleton.
The meeting concluded with an interactive Q&A session, where the many concerns and questions regarding VAT by the audience were answered by the presenters.
About the speakers:
Smita Roy, BDO Partner (Leader VAT) has been specialising in indirect taxes and has extensive experience assisting businesses in efficiently transitioning to VAT regime in India and the UAE.
Marlon Appleton, BDO Senior Manager VAT, is a VAT specialist and a regular VAT writer in the UK Law Society’s magazine “Property in Practice”. He is a Fellow Member at the Association of Chartered Certified Accountants.
The BBBF was set up in 1995 and has grown to over 470 members today. It aims to promote trade and investment between Bahrain and Britain in a non-discriminatory, non-political and non-profit making manner. The BBBF is widely recognized in Bahrain and the UK as a leading impartial business sector group. The Forum works to create and sustain a favourable business environment. The BBBF strives to assist and introduce new trade and investment to both countries to benefit and enhance the common economic interests of our member companies.
BBBF’s nine Special Interest Groups (SIGs) cover hospitality, construction, banking & financial services, ICT and legal sectors; oil, gas & energy, as well as organisational effectiveness, women in business, and young professionals, providing members and guests a valued medium for exchanging industry specific ideas and discussing issues relevant to a particular sector.
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