MANAMA: Keypoint, a Bahrain-based value-added tax (VAT) specialist, is hosting a full-day “VAT chat” on Tuesday, less than a month before VAT is introduced in Saudi Arabia and the UAE.
The event to be held at the Downtown Rotana in Manama, will start at 9am and end at 4.30pm.
Mubeen Khadir, who heads Keypoint’s tax practice, welcomed the opportunity to update key decision makers from businesses across the GCC on recent legislative developments, such as the final release last week of the UAE’s executive regulations.
“We are still talking to businesses in Saudi Arabia and the UAE who have not yet started to prepare their people, their systems and their technology for VAT,” Mr Khadir said.
“However, although we are now very late in the day, there are still strategies that companies can adopt that will at least mitigate some of the challenges of VAT and – importantly – lay the foundations for VAT compliance, albeit not making them fully compliant by January 1, 2018.
The Keypoint seminar, which has met with significant demand, has been developed as a modular programme with panel discussions and sector-focused workshops led by senior members of Keypoint’s specialist VAT team.
George Campbell, an associate director in Keypoint’s VAT practice and one of the very few chartered tax advisers in the GCC, welcomed the opportunity to highlight his team’s deep and broad VAT expertise.
“As we move quickly towards January 1, it is important that businesses learn not just from the mistakes of others – but from the successes of others.
“That is one of the reasons we have built two panel discussions into our VAT chat.
“The opportunity to learn from key decision makers who are going – or have been – through the implementation process will be welcomed by many.”
Sector-specific workshops on import and export industries (including retail), major projects (focused on the oil & gas and real estate & construction sectors) and financial services (featuring banking and insurance) cover many of the GCC’s industries that will be most significantly affected by VAT – due to be introduced in Saudi Arabia and the UAE on January 1.