MANAMA: Around 25 key officials from financial institutions in Bahrain attended an exclusive closed roundtable discussion organised by KPMG in Bahrain to discuss the challenges faced by the financial services sector following the formal introduction of Value Added Tax (VAT) in Bahrain.
Philippe Norré, partner and head of indirect taxes at KPMG in Bahrain, was the moderator during the event and said “With their first VAT returns due latest by 30 April 2019, banks and other financial institutions still face lack of VAT treatment clarity around several typical financial offerings. This poses a high risk to be able to properly prepare the VAT return and underlying reporting.”
During the discussions, the KPMG tax team and the attendees discussed a large number of issues and challenges faced daily by banks and where the correct VAT treatment remains unclear. Industry alignment was strived for and global and regional best practices applied. Several action points were agreed to achieve an aligned and correct VAT application by banks and financial institutions, internally and towards the clients and public.
The event was hosted at Westin City Centre Bahrain.
&uuid=(email))