Recorded_Webinar

Anticipated VAT increase in Bahrain

Webinar recording

Deloitte held a 45-minute webinar on 25 November surrounding the anticipated VAT increase in Bahrain, while providing valuable insights to businesses to help them prepare for the potential impacts of the transition.

As per our understanding, the Kingdom of Bahrain is planning to double the standard rate of Value Added Tax (VAT) from 5% to 10% with effect from 1 January 2022. While the National Bureau for Revenue (NBR) has yet to make an official announcement, the proposed rate increase is part of the economic improvement plans following the impact of Covid-19 on the economy and the Fiscal Balance Program.

This is a major and unprecedented step-change in Bahrain tax policy, which will impact businesses, governmental organizations and consumers alike.

In light of the above, Deloitte hosted a 45-minute webinar on Thursday, 25 November 2021 where our experts explored the following topics:

  • Pricing - Dealing with vendors/customers
  • Potential transitional provisions
  • Enterprise resource planning (ERP) and System changes
  • Impact on certain industries
  • Other impacts

speaker

Michael Camburn

Michael Camburn

Indirect Tax | Bahrain & KSA leader

Michael is the Indirect Tax Leader of Bahrain and the Kingdom of Saudi Arabia (KSA) based in Riyadh. He has over 25 years of experience in Value Added Tax (VAT).  He has worked across a number of jurisdictions including the USA, Switzerland and the UK to help clients deal with and manage their indirect taxes. He is using his experience in the GCC to advise on practicalities for VAT implementation and post-implementation processes, as well as addressing technical issues. Michael has significant experience working across a number of sectors, most notably Telecommunications, Travel, Manufacturing and Fintech.  He also advises clients around supply chain reorganizations and VAT optimization planning in addition to providing advice in respect of mergers and acquisitions.  Michael works closely with the Deloitte Tax Technology team in helping clients with their systems, process and compliance challenges.

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