The Bahrain Institute of Banking and Finance (BIBF) has been listed with the General Authority of Zakat and Tax (GAZT) in Saudi Arabia, as a training service provider for VAT training. The BIBF’s training services have been reviewed by the Saudi authority, allowing the institute to conduct training for Saudi organisations.
The General Authority of Zakat and Tax (GAZT) is a Saudi government agency headquartered in Riyadh and organizationally linked to the Saudi Ministry of Finance. It is made up of the Taxpayer Department and 19 branches around the Kingdom.
As part of the GCC Framework agreement, Bahrain will be implementing a 5% Value-added Tax (VAT) starting January 2019, as an indirect tax imposed on goods and services that are bought and sold by businesses. VAT is used in more than 160 countries around the world as a reliable source of revenue for national budgets.
With the current change in economic landscape, it is imperative to train teams within organizations and businesses to gain a better understanding on how to deal with this change, the challenges that accompany VAT, and its impact on business.
Implementing VAT will have implications for businesses and new taxpayers, both in Bahrain and abroad, directly and indirectly. The BIBF has prepared a VAT strategy that outlines practical steps businesses can take today, to be VAT ready and minimize any future effects, as well as optimize the impact of VAT on their operations.
The Unified Agreement for VAT of the Cooperation Council for the Arab States of the Gulf sets out the framework under which VAT can be implemented in each of the GCC member states. Understanding and preparing for VAT is essential to ensuring that businesses are not exposed to financial or regulatory risk, as a result of the tax being implemented.
Furthermore, the BIBF has launched a series of VAT Masterclasses that will target the Insurance industry, the financial services sector, in addition to a general masterclass, all free of charge, for all businesses and individuals to attend.