KPMG launches RPA solution for VAT compliance in Bahrain
KPMG in Bahrain has launched a new tool that companies can use to improve the way they file, manage and report VAT.
On January 1, 2019, the Kingdom of Bahrain introduced a VAT on all supplies of goods or services that are subject to VAT. Three levels of VAT have been introduced: standard rate (5% VAT), zero rate (supplies are taxable but the VAT rate is 0%) and exempt (supplies that are not taxed).
The National Bureau for Revenue (NBR) is the government agency responsible for the implementation and administration of VAT in Bahrain. As part of its strategy of making VAT filing as easy and seamless as possible, the agency is relying on technology and introducing a range of tools and automation solutions to help meet mandatory requirements.
https://www.youtube.com/watch?v=Qy_dsOuc05gThis development requires Bahrain-based companies to be equally technologically competent in Bahrain as they must meet the compliance and reporting requirements of the National Bureau for Revenue. On this side of the table, too, technology proves to be the key to making things more effective and efficient, especially for companies that are faced with a complex legal and therefore tax infrastructure.
To tap into this market, the professional services giant launched a Robotics Process Automation solution that automates and facilitates large parts of the workflow while performing a number of critical quality assurance checks.
“Data collection and tax accounting now require an inevitable move to much more automated tax processes,” said Philippe Norre, partner and head of Tax and Corporate Services at KPMG in Bahrain. “Our IT-enabled tax solution [named KPMG Enara] was specially developed for the needs and requirements of NBR and offers reliable end-to-end automation. “
KPMG officially unveiled its Enara solution during a webinar session with more than 90 executives, information technology and tax professionals from the local Bahraini business community.
In a previous article on ConsultancyME, Jamal FakhroThe managing partner of KPMG in Bahrain emphasized that, in addition to technology, an integral approach is of crucial importance for a smooth VAT process.