VAT Bahrain

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VAT Impact Assessment

VAT impact assessment is the core any VAT implementation project. It forms the substratum of the project and is the principal constituent as it ascertains the impact of levy of VAT. Our approach, method and steps comprehensively encompass all the critical areas of business so that no key area of business functions and transactions remains assessed.

  • Charting out detailed business understanding document
  • Mapping of VAT impact on business transactions
  • Undertake Financial & Working Capital impact, Legal & IT Impact & SupplyChain function related Impact of VAT on business
  • Devising a framework for Implementation Roadmap basis the Impact Assessment

Awareness & Training

We provide information and training on VAT related aspects to all key constituents of a business. Topics are covered in comprehensive, yet compact modules that are bifurcated into the following four parts which will enable key employees and external stakeholders to better deal with the changed environment after the introduction of VA

  • Beginner VAT awareness sessions on the generic aspects of VAT
  • Functional awareness sessions for understanding of vital areas of impact for all key business functions
  • Training for undertaking compliances and understanding of reporting requirements
  • Awareness session for entity’s vendors and customers to bring them onboard VAT for tax compliant transaction

Redesigning Business Process

Redesigning of processes in light of the VAT levy is imperative to ensure that the business is not only compliant, but also geared up to gain a competitive advantage under the new regime. This activity will involve identifying, analyzing and redesigning process changes that will need to be implemented as part of the overall VAT implementation project

  • Recommending changes to the business model required due to the levy of VAT
  • Revamping the transaction structure as per VAT impact analysis to optimize the impact of new levy
  • Suggesting changes in documents, contracts, invoices, business processes & technology
  • Drafting of guidelines enabling an entity to be compliant as per VAT laws
  • Transaction

Implementation Support

As they say, any strategy, even a great one, doesn’t implement itself. Implementation is a challenging and onerous activity. We believe that implementation should be impeccable and flawless so that business can continue to function smoothly and usual even post introduction of VAT. With this line of thinking, we carve the action plan, to execute for achieving a seamless transition to VAT

  • Meticulous planning and on the go improvisation
  • Meeting various functional heads including ERP vendor/in-house IT team for discussing methodology and issues
  • Delivering output – Converting Implementation Roadmap to Actual Implementation
  • Project Management Support & Resource Deployment for steering the implementation
  • Policy Advocacy & Representation

Software Support Services

This is an important part of the VAT implementation project, since the IT system reflects a key final output of the VAT implementation project. The purpose of this activity is to provide the points for changes to be undertaken in the system outlay so that the desired data / information can be captured correctly

  • Undertake GAP Analysis and assess ‘As-Is’ scenario
  • Recommend Master and Transaction level changes in System
  • Suggest report formats considering VAT filings and recommend System Logic to be configured
  • Conduct User Acceptance Testing and Sign-off for System Readiness

Accounting Support Services

The intent and conception behind this support is to enable businesses to focus on their core operations while leaving the functional aspects of VAT i.e. verification of data capturing, resolving of queries, filing of returns, etc. to VAT experts. This would ensure compliance with the law while ensuring management focus on core business functions

  • Assist in Accounting and Record Keeping
  • Real-time support to address queries raised during VAT accounting
  • Assistance in Registration, Computation of VAT Liability, Filing of Returns and processing of Refund Claims
  • Representation support during VAT Audit by Revenue Department