MMJS Consulting holds a Bahrain VAT Rate Increase Webinar

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

MMJS Consulting in Bahrain held a Tax webinar on Monday to discuss the law and transitional guidelines for Bahrain VAT rate increase from 5% to 10%, practical applications and challenges business will face as well as the next steps to keep in mind for a smooth transition.

The webinar was delivered by MMJS’s Tax Partner, Ali AlMahroos, Tax Senior Manager, Rishabh Tandon and MMJS Group CEO and Managing Partner, Surendar Jesrani.

The seminar offered participants insights on the complexities involved with the VAT rate change and covered the next steps businesses need to take. Some of the steps businesses should take for a smooth transition of the VAT rate increase include:

• Assess the financial implications on the existing contracts

• Re-visit the working capital requirements

• Performing a gap assessment of the ERP/ IT/accounting system

• Prepare for NBR audits Our partner, Ali AlMahroos, outlined: “Given the short timeframe to implement the rate change and the complexities involved for FIs, it is imperative that the businesses begin assessing the impact and implementing the required changes as early as possible.

The aim of the webinar was to highlight the intricacies and challenges businesses may face while implementing the necessary changes.”