KPMG, a leading provider of audit, tax and advisory services, said it will be hosting a seminar in Bahrain to discuss leadership and the upcoming implementation of the second phase of value-added tax (VAT) in Bahrain.
The half-day event will take place on June 17 at the Gulf Hotel, and will educate entrepreneurs and business owners across all sectors on the VAT registration and compliance requirements, said a statement from KPMG.
Effective from July 1, enterprises with annual supplies’ threshold of BD500,000 ($1.32 million) and above will need to register for VAT, it said.
The same will apply to smaller entities with annual supplies’ threshold of less than BD500,000 ($1.32 million), starting from January 1, 2020, it added.
Harish Gopinath, partner and head of KPMG Enterprise at KPMG in Bahrain, said: “Small and medium enterprises (SMEs) play a key role in the economy.”
“In the light of the increasing market regulations, it has become important more than ever before to support their growth to enable the continuous growth of the local business community,” he said.
“VAT should not negatively impact operations or cashflow, if managed effectively. I believe this event is an ideal platform to learn how effective leadership can help turning the new tax system into an opportunity to review and upgrade systems and processes, rather than a burden,” he added.
Philippe Norré, partner and head of tax at KPMG in Bahrain, will be among the key speakers during event to share his insight on the key challenges facing the currently VAT registered companies and showcase the lessons learnt. – TradeArabia News Service