Businesses need proper planning to minimise VAT impact | KPMG | BH

Businesses need proper planning to minimise VAT impact

Businesses need proper planning to minimise VAT impact

The Value Added Tax (VAT) to be introduced in the Kingdom will impact all businesses, either directly or indirectly.

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The Value Added Tax (VAT) to be introduced in the Kingdom will impact all businesses, either directly or indirectly. However, it will have a neutral impact if managed effectively, said Ali Al Mahroos, Manager, Tax and Corporate Services, KPMG Bahrain.

Reacting to the Kingdom’s joining of the GCC VAT agreement, he said: “The first step businesses must take today is to plan and analyse how their products and services will be impacted.

If businesses are to maintain profitability, they must study the impact of VAT on their businesses from an operational point of view. Before implementation, businesses can build and test systems and processes to ensure compliance with the legislation and embed these within existing processes.

There are also immediate measures which businesses can take to avoid the impact of VAT, for example making planned investments in business infrastructure and assets before implementation begins.”

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