Three levels of VAT taxation have been introduced: Standard rate (5% VAT applied), Zero-rate (Supplies are taxable, but the VAT rate charged is 0%) and Exempt (Supplies on which no Tax is charged).
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As part of its strategy to make VAT submissions as easy and seamless, the agency is embracing technology and introducing a range of tools and automation solutions that can facilitate the mandatory requirements.
This development is requiring Bahrain-based companies in Bahrain to be equally proficient in technology, as they need to meet the compliance and reporting requirements of the National Bureau for Revenue. Also at this side of the table, technology is proving key to making things more effective and efficient, in particular at companies that face a complex legal and hence taxation infrastructure.
Tapping into this market, professional services giant has launched a Robotics Process Automation solution that automates and facilitates large chunks of the workflow, while dealing with a number of critical controls for quality assurance.
“Data gathering and tax accounting now require an inevitable switch to much more automated processes in tax,” said Philippe Norre, Partner and Head of Tax and Corporate Services at KPMG in Bahrain.
“Our IT enabled tax solution [named KPMG Enara] has been specifically designed to meet the needs and requirements of NBR and offers reliable end-to-end automation.”
KPMG formally launched its Enara solution during a webinar session with more than 90 senior executives, information technology and tax professionals from Bahrain’s local business community.
In a previous article on ConsultancyME, Jamal Fakhro, Managing Partner of KPMG in Bahrain, highlighted that alongside technology, an integral approach is key for a smooth VAT process.
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