Chamber vows full VAT support for businesses

As VAT implementation gets underway tomorrow, the Bahrain Chamber of Commerce and Industry (BCCI) has assured that it will offer strong support to businesses through organising workshops and initiatives. Businesses, which find the implementation to be challenging will have the full support of the BCCI, its board members assured.

Last week, BCCI organised a series of VAT workshops to educate businesses on the new tax regime. The BCCI will continue to hold initiatives to help businesses cope with the stress of VAT implementation, assured BCCI board member Sonia Janahi. “Whenever something new is started, there is always going to be concerned because its new. When there is a change, there is resistance to change, but there are benefits to the change as well. “At the end of the day you want to have an economy that is progressing, and some sort of taxation needs to be applied.

The VAT will add value to the economy.” “It could be difficult in the beginning, but there will be a smoother flow eventually. We as BCCI are here to support every business sector, regardless of small or medium or large. “Right now our focus is mainly on the SMEs to support them through this transition to teach them how to apply VAT and be involved in it. We have a series of initiatives lined up.” “We have had meetings with the Ministry of Finance and Ministry of Industry, Commerce and Tourism, they are open to working with us to support the business community. “At the end of the day, the VAT is something that will add value to the country.”