With Bahrain implementing Value-Added Tax (VAT) early this year, most businesses in the country understood the need and importance to comply with the new government regulation.
While the government is taking initiatives to familiarize the business community about the new tax regime, Tally Solutions, a leading international accounting and compliance software provider, is aiding this cause further. The company has already hosted over 100 seminars in the past few months which has benefited over 1,500 businesses to raise the level of VAT awareness and knowledge of corporations impacted by the new policy.
The company aims to assist the small and medium businesses in the country and has hosted multiple workshops, seminars and related events to help businesses understand about VAT and how technology adoption can improve their transition to VAT. Over the past 10 months, the company has been hosting educative forums for companies, especially small and medium enterprises, in Bahrain to acquaint them with the various aspects of the new taxation and its impact on business processes and procedures.
Tally Solutions plans to conduct many more similar workshops in the coming months in collaboration with relevant CAs and audit firms and business centres. It is also working alongside renowned chartered accountants (CAs) in holding the events apart from hosting FOS activities through Tally partner resources.
Vikas Panchal, Business Head of Tally Solutions in the Middle East, said: “The first few months of VAT introduction in Bahrain have been phenomenal. A number of companies have successfully filed their VAT returns and we expect more small and medium businesses to comply with the new law in the coming months The government of Bahrain has applied key learnings from the UAE and KSA implementation of VAT, which has further helped its smooth deployment in the country. Our series of events complement the government’s efforts to educate and increase awareness of businesses as we seek to help them in their compliance level.”
“In our latest release 6.5.3 of Tally.ERP 9, customers can now generate Bahrain VAT returns in MS Word format, and use it to file returns on the NBR portal. This is supported for half yearly, quarterly and monthly returns. We at Tally are taking every effort to make this transition for the SMBs as smooth as possible. We have also enabled all our Tally partners to implement Bahrain VAT functionalities”, he added.
Bahrain is the third country in the GCC, after the UAE and Saudi Arabia, to implement VAT. It has rolled out the new regulation starting January 1, 2019. Certain businesses are mandatorily required to register under the VAT regime. At the same time, there is also a provision to only voluntarily register. The threshold for voluntary VAT registration in Bahrain is BHD 18,750. Business organisations in Bahrain are mandated to collect VAT and remit the amount to the local tax authorities.
To adhere to the required compliance and pass government audits, many businesses have automated their daily operations with reliable VAT functionalities and features, along with obtaining the services of accountants specialising in VAT compliance.
Tally Solutions has provided its automated services to over 50,000 businesses in GCC and is trusted by nearly 2 million businesses globally. The company assists small and medium business owners achieve tax compliance, manage records, and file returns through its Federal Tax Authority approved tax accounting software programs.