Nass Corporation, in cooperation with KPMG; the leading financial institute, have organized a Value-Added Tax 101 presentation for all Nass Corporation Directors and General Managers. The presentation was held in the late Abdulla Ahmed Nass Auditorium in Applied Science University on 4th October 2017.
The 4-hour presentation aimed to introduce the Value-Added Tax basic practices and the importance of being VAT compliant company.
Head of Indirect Taxes at KPMG in Bahrain, Philippe Norré, explained during the 4 hours presentation about VAT by saying: “Given the speedy progress Gulf Cooperation Council (GCC) countries are making in rolling out their local Value-added Tax (VAT) legislations, VAT will soon be a reality and compliance formalities will start affecting businesses even before VAT goes live in Bahrain”.
Mr. Hemant Joshi, Finance Director at Nass Corporation emphasized on the importance of complying with VAT regulations financially by saying: “We know that VAT is coming, and Nass Corporation is preparing to welcome the new system. We are employing Tax experts within our finance team, and we will start implementing the new accounts and finance systems across Nass Corporation divisions and companies very soon.”
He added: “Nass Corporation was and will remain the innovative market leaders in the region, and we want to continue being the market leaders, by adopting the new systems before anyone else in the market.”