VatMan Gulf is the first choice for businesses requiring VAT specialist services in Bahrain.
VatMan Gulf having successfully implemented VAT in UAE is well placed to support businesses in Bahrain.
We provide the best client experience and deliver value for money.
The primary question that all businesses will be faced with is:
“Can I afford to employ an in-house VAT person or should I hire a third party specialist?”
This is where the services of VatMan Gulf begin and are geared to suit any budget with customised programmes to meet your individual business requirements.
VAT IS COMING TO THE KINGDOM OF BAHRAIN ON 1 JANUARY 2019
The Kingdom’s parliament has approved the implementation of VAT with effect from 1 January 2019. This makes the kingdom the third GCC member state to implement the GCC Unified Agreement on VAT; with the UAE and the KSA already having implemented on 1 January 2018. Bahraini businesses will benefit from the lessons learned during the implementation process in the UAE and the KSA.
It is inevitable that this introduction of VAT will present numerous challenges for businesses in Bahrain as VAT impacts all aspects of business. The GCC Unified Agreement on VAT (UAVAT) provides the VAT Framework which will serve as the foundation for the VAT legislation to be implemented by each Member State. This is a modified version of the European Union model used successfully by each member state, and it is this experience that must be drawn upon for advising clients on conducting business in a VAT regime.
QUESTIONS THAT ARISE
As a business owner these are the sorts of questions that should arise when presented with the introduction of VAT.
- Does my business need to register?
- What will be the overall impact on my business?
- How will compliance be achieved? – VAT is administered by legislation so penalties are strict and considerable.
- How will this impact the company’s cash flow?
- What planning is required to best manage the impact?
- Who will do the filing?
- Is my team adequately trained? This will impact all aspects of business.
- What IT changes will be required?
Review the services offered by VatMan Gulf that are designed to help answer these questions and more.