Issue 11 - MARCH 2017www.bahrainbourse.com
BAHRAIN BOURSE ORGANIZES A SEMINAR ON THE IMPLEMENTATION
OF VALUE ADDED TAXES IN BAHRAIN
Bahrain Bourse (BHB), in co-
operation wi KPMG in Bahrain,
organized a seminar on the im-
plemenetation of Valued Added
Tax (VAT) and its’ implication on
listed companies. The seminar was
held on Sunday, 19 February 2017
and it was attended by 65 represen-
tatives from the listed companies.
The seminar, conducted by Mr.
Craig Richardson, Partner and
Head of Tax and Corporate Ser-
vices at KPMG in Bahrain be-
gan with an overview about the
implementation of VAT in Gulf
Cooperation Council (GCC)
countries, including Bahrain.
The one-day event also show-
cased how VAT will impact all
businesses in Bahrain across the
various economic sectors, either
directly or indirectly, including
listed companies in particular.
During his presentation, Mr.
Richardson outlined the steps
that listed companies should take
today to be VAT ready once the
new tax is implemented in the
Kingdom of Bahrain by mid-2018.
Mr. Richardson clarified that VAT
will affect the sales of goods and
services in Bahrain with limit-
ed exemptions and consumption
tax relief. However, there will be
a right for businesses to claim a
credit for VAT paid on their input
relating to their business activities.
As outlined by various member
states, GCC countries will intro-
duce VAT at a 5% rate as part
of wider development reforms.
GCC countries have had regular
discussions over the last several
months to formulate and finalize
the main principles under which
VAT will be implemented; most
GCC countries are expected to
officially ratify the VAT Frame-
work Agreement soon this year.
Once the agreement is ratified,
each country is required to issue
its’ own domestic legislation to im-
plement VAT, including Bahrain.