Manama, Business leaders from around the world came together for an event today as a new VAT qualification for Bahrain was revealed.
The qualification has been designed by the Association of Accounting Technicians (AAT), a global qualification body for the accounting industry, and will support individuals and businesses in Bahrain to get up to speed with the new Gulf Co-operation Council (GCC) VAT regulations.
The event took place at the Wyndham Garden Manama Hotel, with attendees including global experts, local businesses and training providers. It was co-hosted with the global auditing firm KPMG, who are supporting Bahrainis to understand VAT through a delivery of several seminars on this topic.
The new qualification will support businesses with understanding and applying VAT, completing VAT returns and reporting VAT related information that is required to ensure businesses do not receive fines and penalties from not meeting VAT deadlines.
Justin Kyriakou, AAT International Development Manager said: "It's essential that businesses are able to understand the VAT regulations as quickly as possible, otherwise they will lose time and money if they submit their VAT paperwork late or incorrectly. This new qualification will teach businesses and individuals the knowledge and skills they require to make their employers compliant with the regulations and practices that apply to VAT in sales and purchases."
The qualification will provide training on the scope of VAT, the differences between the supply of goods and services, who is liable to pay VAT, and supplies that are applicable or exempted from VAT across member states of the GCC.
Businesses and individuals will also be taught to know the duration of the tax period, how imports and exports are treated on a VAT return, calculate the net VAT payable to or refundable by the relevant tax authority, and the consequences of errors and omissions in VAT returns.
The qualification will also cover the right entities to communicate on VAT-related matters, the time limits for submitting VAT returns, and what is payable by or refundable to the business.
All learning outcomes can be transferred into the workplace immediately to ensure prompt compliance with the new VAT laws.
Philippe Norre, KPMG's Head of Tax and Corporate Services said: "We're supporting this event because we believe this qualification is going to be very beneficial for businesses in the GCC, as they have to start getting used to the new VAT regulations. AAT and KPMG have worked together in other parts of the world, and so we know from experience that AAT qualifications produce high-quality finance professionals who are well equipped to help businesses be successful. We look forward to working with AAT."
Source: Bahrain News Agency