During a Press conference on February 27 at MENA Centre for Investment head office, the company chief executive Dr Zakaria Hejrez referred to the need for specialised courses for the implementation of a VAT framework.
“The recent decline in oil prices has put pressure on government budgets in the GCC as they are committed to major capital expenditures, huge infrastructure projects and public services such as health care, education and transport,” he said.
“In most OECD countries, VAT (Value Added Tax) is generally acknowledged as an efficient form of taxation and it is considered neutral for businesses and transparent for consumers.”
At present, the GCC countries are expected to apply a standard VAT of five per cent, which is relatively low when compared to international averages. Basic foodstuff and a few other items will be exempt from the new VAT, however, it will apply across the spectrum of goods and services.
Under the VAT system, a person (individual or corporate) who supplies or expects to supply taxable items is required to register for VAT upon attaining a set annual turnover threshold.
Upon registration, there is a requirement to issue tax invoices, charge the appropriate rate of VAT on supplies made, file VAT returns and pay the correct amount of VAT due.
Ordinarily, VAT registered persons are allowed to recover the VAT incurred on their purchases by offsetting this against the VAT charged on their sales. VAT is ultimately borne by the final consumer while businesses act as collecting agents for the tax authority.
Implementation
It’s important to obtain specific VAT training because the tax authorities need to establish a seamless administration system.
The system includes registration and filing processes, communication and education to ensure there is a clear guidance for businesses to comply with the VAT requirements.
With this in mind the MENA Centre for Investment, has sourced an appropriate and focused training programme to assist businesses, finance and accounting professionals, as well as graduates to be trained in the VAT implementation process.
This competency-based programme, developed under stringent guidelines established by TESDA, will help corporates and SMEs across the GCC to align accounting systems and introduce a smooth method to include VAT into the pricing process.
MENA has sourced the TESDA certified programme as developed by Vineyard Asia Technological College. TESDA is the only education agency to be ISO 9001:2008 certified.
It is based in the Philippines and its standards are recognised across ASEAN countries as well as China, Japan, South Korea, Australia, India and New Zealand.
The competence of TESDA grads is endorsed by their superior performance time and again in skills competitions in Abu Dhabi, China, Malaysia and elsewhere.
Who should attend?
Since VAT is so new to Bahrain and the GCC, it is recommended for all those in management, entrepreneurs and business owners especially of SMEs. With its accounting focus, it would also benefit chief financial officers, finance directors, finance managers, accountants, account managers and auditors.
For fresh finance graduates and those in junior accounting roles, a VAT certificate as a VAT compiler or auditor will enhance career development and employability.
For registration and more information contact e-mail vatmena@gmail.com.
Alternatively, call 17589957 or 39445313.
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