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Tax Advisory (VAT)

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Shashank Arya

The introduction of VAT in the GCC and the Kingdom of Bahrain in 2018 has brought significant change in the business environment.

We have listed below the things you have to prepare for and the factors that we have to consider as we prepare for VAT implementation:

  • Understanding the VAT laws and regulations
  • Accurate recovery of Input Tax and accounting of Output Tax
  • Cash flow management
  • Up-to-date financials and reporting deadlines
  • Periodic audits from tax authorities
  • Enhancement of technology platform, revision of operational transactions, training and development of teams

Our approach to VAT implementation

Grant Thornton’s customized solution has been broken down into distinct Delivery Modules in order to facilitate progressive integration of the new strategy function. The three different phases of our approach are:

  • Business Review & Impact Assessment
    • Strategic discussion with top management
    • Meetings with functional teams
    • Undertake the business impact
    • Way forward
  • Design and Implementation Support
    • Scenario Analysis
    • Risk Evaluation and Benefits
    • Contractual Agreements
    • ERP & IT Support
    • Revision of policies
    • Related Party Transactions
    • Advice on VAT legislative updates
    • Initial Compliance Requirement
    • Training and Awareness
  • Post- Implementation review and support
    • Training
    • Communication
    • Compliance Support