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Arshad Gadit

VAT ‘could be an uphill battle for GCC businesses’

MANAMA, October 19, 2016

The introduction of a VAT system in GCC states could be an uphill battle for the businesses to comply with, said an industry expert.

“This indirect tax system is new to the region, although it has been widely used by a number of other countries for quite some time now. At BDO we are advising our clients on lessons learned from the countries where VAT is already a part of the tax mechanism. Initially VAT seems simple to apply but the devil is in the detail. The trick is to start early and avoid causing disruption to your business," added Arshad Gadit, BDO Bahrain Partner Assurance and Business Advisory.

He was delivering the keynote address at the monthly networking lunch event hosted by Bahrain British Business Forum (BBBF) yesterday (October 18) at the Radisson Diplomat Blu Hotel.  The meeting was chaired by the BBBF deputy chairperson Paula Boast.

In his presentation Gadit analysed the implications and shared his knowledge on VAT, which is proposed to be introduced in the GCC states by 2018/19. The meeting was attended by more than 100 members of the BBBF, leading businessmen and women, who had the opportunity to expand their knowledge and further their understanding of the upcoming system.

VAT practices are expected to be introduced by the year 2018 in some GCC countries, but the dates and the road map for implementation are yet to be announced.

In her address Boast outlined some of the forum’s forthcoming events for the last quarter of the year, including the annual charitable Poppy Ball on November 18. For the Armistice Day, the BBBF will once again host the Chelsea Pensioners.

November also sees the launch of the new ‘Women in Business’ special interest group.  The ever popular Christmas lunch is planned for December before the final event of the year, BHUK2016 National Day golf event, concludes the year’s activities for the forum.  – TradeArabia News Service




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