Vat Consultant Bahrain: Advisory, Implementation, Compliance – IMC Group
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VAT CONSULTANCY SERVICES IN BAHRAIN

Are you looking for the best VAT consultants in Bahrain? IMC Group is a leading VAT service provider to many firms across the GCC region. Our primary focus is to provide timely, tailor-made services and customized solutions with the highest standards of excellence to the clients. Our team also shares our philosophy of working in an environment of trust and integrity with the highest regard for work ethics and world-class service.

The mission of the IMC Group is to provide comprehensive VAT services incorporating all aspects of the business. Our professionals are up to date with the regulations and the revisions of VAT law developments in Bahrain.

Bahrain has approved a draft bill for VAT implementation on the New Year’s day in 2019 and announces the draft VAT law in Arabic

VAT ADVISORY SERVICES

IMC Group is offering professional VAT advisory services as the legal system of VAT will be introduced in Bahrain on January 1, 2019. As VAT will have an effect on most of the transactions of the business, especially on the area of pricing models and accounting system, the companies may need to stay updated on the news, trends, recent issuances and regulations related to VAT. This will help our clients to implement the recent VAT requirements immediately on their operations to minimize the risk and penalties and to achieve compliances on VAT laws and regulations.

 

Also, in this type of service, we can provide tax advice or opinions on the matters or issues relating to companies’ operations.

VAT TRAINING

IMC Group provides a full VAT training in Bahrain to our clients and its personnel make them fully-equipped on all aspects (e.g., finance, operation, compliance) of VAT. This will help our clients to gain an extensive knowledge in the field of VAT and it will learn on how the VAT affects the operation of the business. It will also teach them on the VAT-related procedures and protocols.

 

Training and implementation of policies and procedures are crucial to the successful implementation of the VAT journey. VAT training is tailored to meet the needs of the businesses and it is conducted side-by-side to ensure that the clients and its personnel will understand the policies and procedures for an efficient implementation of VAT. Furthermore, we can help our clients to set up a fully functional VAT-comprehensive accounting system. This will help them to achieve an optimum effectiveness and efficiency of VAT to their business structure.

 

We are also providing an on-going support after the initial training phase. Our team is accessible anytime for our clients and attend to day-to-day queries even after the initial training phase. We may also involve at every stage of the process followed by a post-adoption review and continuously updating you about news and recent issuances of VAT laws and regulations.

VAT IMPLEMENTATION SERVICES

IMC Group has the best VAT consultants in Bahrain who will ascertain on how the VAT can be infused in the client’s business structure. A critical analysis is required to ensure that the business is compliant by preparing customized pre- and post-VAT policies and procedures.

 

Through VAT implementation services, we assist our clients in designing a plan which outlines the VAT implementation on their business model and keeping into account as it is going to affect their operations. It is essential for a business to identify the resources required for a smooth transition of VAT.

 

VAT consultants in IMC Group can assist you for this type of service. This includes, but not limited to the following:

  1. PRE-VAT IMPLEMENTATION SERVICES
    • Understanding the needs of the client’s business and estimating the impact of VAT on the business.
    • Identifying and highlighting the impacts of VAT in the business’ practices and procedures.
    • Suggesting the required policies to comply with the VAT laws and regulations.
    • Advising on the implementation of new systems and assistance in developing systems for complying with the law.
    • Preparation of the VAT compliance manual or plan customized for the needs and improvement of the processes in the organization.
  2. POST-VAT IMPLEMENTATION SERVICES
    • Diagnostic evaluation of a company’s tax position, practices, and procedures to determine whether they comply with the Bahrain VAT laws and regulations.
    • Advise client about various legal and procedural requirements.
    • Checking and verifying the books and records as per the legal requirements.
    • Analysing various areas of positive or negative impact of VAT and the causes behind them.
    • Recommend corrective actions to improve the existing tax practice.

Bahrain VAT Return Frequency and Filing

VAT COMPLIANCE SERVICES

IMC Group can provide you with cost-efficient and effective VAT compliance services to assist you on the periodic obligations, such as filing and payment, related to VAT. This type of service includes, but not limited to the following:

 

  • Assistance in the application for VAT registration.
  • Assistance in the calculation of VAT based on the documents provided by the client on a regular basis.
  • Assistance in the filing of tax returns to the tax authorities.
  • Liaise with the tax authorities as and when required for day-to-day cases, except litigations, if any.
  • Ensuring whether proper books of accounts are present and updated.

 

When it comes to VAT compliance in Bahrain, you can trust us as your partners who will keep your company 100% compliant with VAT laws and regulations.