Value Added Tax (VAT) seminar

Manama, 6 February 2018

Introduction 04

Agenda 05

Key information 07

Registration form 08

Contents

Introduction to Value Added Tax (VAT) seminar4 All Rights Reserved — EY

Introduction

Value-added tax and excise duties in Bahrain: are you ready?

The introduction of indirect taxes in Gulf Cooperation Council (GCC) member states is progressing steadily with the excise duty already effective and value-added tax (VAT) on the near horizon for Bahrain. The GCC VAT Framework Agreement has been available since April 2017, and member states have now converted the overarching framework into national VAT laws, accompanied by implementing regulations. Each member state has also translated the GCC Excise Duty Framework into national excise duty law.

The first member states have already implemented VAT with effect from 1 January 2018. Businesses in these countries have been preparing for VAT over the last year and despite the VAT regimes now effective, many of them are still facing challenges in being VAT-ready.

On the basis of EY’s considerable experience with VAT implementation, early understanding and action is key to successful VAT implementation for businesses in Bahrain. EY has developed a VAT and Excise Duties seminar to assist your staff and organization to:

• Understand the GCC VAT and national law principles

• Understand the key VAT rules that will be applied in Bahrain

• Plan for and apply the key VAT principles and rules to the transactions undertaken by the organization

• Gain an understanding of the products subject to excise duties and how these taxes will be applied

• Identify timelines for responding to the VAT challenge and steps business functions should take to manage the implementation of VAT across the organization

This seminar is designed to be both informative and interactive. You will have the opportunity to work on a number of case studies during the course of the day. Experienced EY VAT professionals will also share our experience of helping GCC VAT implementation projects across industry sectors over the last two years and address many of the practical issues involved.

The seminar will include industry breakout sessions to discuss industry-specific issues relating to VAT implementation. All participants will receive a training certificate for attendance at the seminar and confirmation of Continuing Professional Education (CPE) hours.

We thank you in advance for your continued patronage, presence and feedback to make this seminar informative, and look forward to your active participation in this EY VAT and Excise Duties seminar.

Introduction to Value Added Tax (VAT) seminar 5

1. Introduction: Where is Bahrain on the implementation horizon?

2. Session 1: Refresher on the scope of GCC VAT

Supply of goods and services in the GCC

• Goods or services

• Supply and consideration

• Taxable and exempt supplies

• Overview of “deemed supplies” and practicalities

Taxable person

• Definition of “taxable person”

• Special cases: joint venture and foreign or local government agencies

• Registration provisions

• Computing for the annual threshold

Economic activity

VAT treatment of certain sectors

• Proposal in the GCC VAT Framework Agreement

• VAT treatment of special industries in other GCC countries

• Bahrain’s likely position

Case study

3. Session 2: Rules of supply

Value of the supply

• Consideration wholly or partly in money

• Special rules for deemed supplies

• Special rules for related party transactions

• Single and multiple supplies

• Adjustments to taxable value

• Special topics: bad debts and contract retention

Time of supply

• Basic tax point

• Special rules

• Deposits

Agenda

Introduction to Value Added Tax (VAT) seminar6 All Rights Reserved — EY

Agenda (contd)

Place of supply

• Rules for goods

• Rules for services

• Special rules

• Reverse charge mechanism

Case study

4. Session 3: Input tax

Mechanics of input tax

• Nature and sources of input tax

• Criteria for deductibility

• Blocked input tax

• Period to claim input tax

• Partial VAT recovery

Claiming excess input tax

• VAT credit

• VAT refund and timeline

Case study

5. Group exercise

6. Session 4: Registration and compliance

VAT registration in other GCC countries

• Registration procedures

• Documentary requirements

• Timeline to obtain VAT Registration Certificate

• Group registration

Tax invoice and tax credit note

• Types of invoices

• Information required in the tax invoice

• Period to issue

VAT return

• Tax period

• Information required in other GCC countries

• Tax filing deadline

Introduction to Value Added Tax (VAT) seminar 7

Record-keeping requirements

Penalties

• Penalties for errors

• Penalties for noncompliance

• Other penalties, interest and mitigation

7. Session 5: Breakout sessions for certain industries

• Energy and utilities, and oil and gas

• Real estate, construction and hospitality services

• Financial services, including insurance services

• Automotive and transportation services

• Manufacturing and retail services

8. Session 6: Technology and VAT

• IT implementation and challenges

• VAT compliance and reporting

9. Session 7: Excise duties

• Excisable products

• Excise rates applied

• Valuation and record keeping

• Treatment of opening inventory

• Ongoing compliance requirements

10. Session 8: Our experience of VAT and excise duty implementation support in other GCC countries (panel session)

Transitional provisions

• Transitional provisions of other GCC countries

• Issues arising from such provisions

• Electronic VAT information sharing system and its implications for VAT across the GCC

Practical lessons from VAT implementation projects in other GCC countries

• Preparing your processes, people and IT system

Q&A

Agenda

Introduction to Value Added Tax (VAT) seminar 8

Key information

Fees

BHD 185/–per participant

The fees are inclusive of the following:

• Attendance of the seminar

• Training materials

• Lunch and refreshments

• Certificate of attendance (6.5 CPD hours per day)

Date, time and venue

Date: 6 February 2018

Time: 09:00 a.m. – 05:00 p.m.

Venue: Al Taj Ballroom, Sheraton Hotel, Manama, Bahrain

Contact us

For more information:

• Please email: business.courses@bh.ey.com

• Call: +973 17567359 or +973 17585323

Registration

Please complete the registration form and return via email latest by 31 January 2018.

Get 20% off on:

• Early bird registration (before 25 January 2018)

• Groups of three or more

Contacts

Should you have any inquiries, please contact:

Name: Thuraya Akbar

Tel: +973 17567359/ 17585323

Email: business.courses@bh.ey.com

Invoice to be addressed to (if different than the participant):

Payments:An invoice with all payment details will be sent upon receipt ofregistration form. Payment must be received in full prior to thecommencement of the course. We accept cash, cheque or bank transfer.

Course Fee: BD 185/-

Course dates:

6 February 2018, from 8:30 to 17:30

Registration formValue Added Tax (VAT) seminar | 6 February 2018

Location: Al Taj Ballroom, Sheraton Hotel, Manama, Bahrain

Registration type: Individual Sponsored

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Cancellation and refund policy

Refunds can be claimed if cancellation is received at least 10 days prior to the event. Replacement of an attendee with another is free of charge.

The fees will be completely refunded in case the event is postponed or cancelled by EY.

All courses are subjected to a minimum number of participants. If a course has less than the required number, then EY Training Center (EYTC) is entitled to cancel the course at its absolute discretion, without liability. In such instances, the EYTC team can offer the participants with alternative dates or program options that are at the same level or standard.

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Special group rates:• Book three places and get a 20% discount

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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.

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