The aim to become less dependent on oil as the key source of revenue has motivated GCC countries to agree on the introduction of VAT as a new source of revenue for governments. The United Arab Emirates and Saudi Arabia as the first two countries which started a path towards becoming VAT compliant in January 2018, are being followed by Bahrain, a third GCC country implementing VAT. This entirely new tax is expected to transform almost every aspect of how businesses are run including all aspects of operations, supply chain, marketing, accounting etc. Being aware of the rules, and knowing how to efficiently implement them within your business to become VAT compliant will be a major task for all companies affected by VAT.
Therefore this TBM conference brings you the opportunity to exchange ideas on how to effectively respond to VAT challenges with VAT professionals from different companies across the whole industry spectrum. We will be focusing on a broad range of current topics relevant for those GCC countries which have already implemented VAT, as well as those which will be facing immediate post-implementation challenges after the official implementation. We will also be focusing on countries which are only at the beginning stages of preparations for VAT:
- Raising awareness of companies’ tax liability management: Tax evasion vs. tax planning
- Standardization of the VAT compliance process
- People in the spotlight: Developing a VAT mind-set
- Post-implementation VAT phase – How is it working?
- VAT risks: Ensuring prevention now to avoid a need for cure in the future
- Implications of VAT on financial services with a specific focus on banking sector
- Latest updates and clarifications of the VAT law in GCC: Bahrain in the spotlight
The TBM Evolution Team is providing an exclusive platform for professionals to network and benchmark with industry peers, as well as a business environment that encourages deeper discussion of the topics that prioritizes quality over quantity and creates an overall more valuable experience for the attendees.