Tally Solutions outlines the journey of VAT in Bahrain
Tally Solutions, a leading business software provider, hosted an event ‘Final Countdown to VAT’ in Bahrain to reiterate what businesses need to do to prepare themselves for the new tax regime as well as highlight the importance of automated solutions in value-added tax (VAT) compliance.
The event featured experts and speakers who addressed the important aspects of VAT and the role of automation and technology in easing the compliance process for businesses, especially the small and medium enterprises (SMEs). Thousands of businesses in the country have already registered for VAT, with more yet to register in days to come.
Vikas Panchal, Business Head- Middle East, Tally Solutions, said, “Since Bahrain’s implementation of the standard 5 percent VAT rate beginning January this year, we at Tally Solutions have been ramping up our efforts to assist SMEs in their transition. The focus has been to ensure that they properly conform to the new rules and regulations. Our recommendations have always been for businesses to employ a simple risk management approach to understand the likely operational impact of VAT as well as automate their respective accounting and taxation processes for hassle-free business operations. This event is another opportunity to emphasise the need to adopt the latest automated VAT-compliant solutions to achieve better business operational efficiency under the new taxation system.”
The event also delved into the progress of the government’s implementation of the law in various stages as well as VAT’s impact on the country’s overall development. Tally Solutions has tied up with relevant organisations and associations including ICAI to help empower business owners under the VAT regime and ensure that they fully understand the ins and outs of the taxation system. As an organisation, Tally’s efforts in Bahrain and the entire GCC have always been accelerated towards educating the businesses about VAT. Through ‘Final countdown to VAT’ the aim was to provide entrepreneurs an opportunity to talk to experts and clarify any that they may have around VAT.
The new VAT system can be a little confusing for some businesses and empowering them is the key to guaranteeing their smooth transition. As such, Tally has been conducting a series of VAT summits in Bahrain and other parts of the GCC region to assist them as they take the necessary steps towards correct and timely compliance. In collaboration with renowned chartered accountants, the company has already held more than 100 VAT-related events in Bahrain reaching out to over 1500 businesses across the country in last one year. They have also conducted 500 events in other parts of the GCC. They are also airing a VAT knowledge video series in the country to simplify the complex regulations for better understanding.
In line with the same, ‘The Final Countdown to VAT’ was an effort to underscore the importance of using automated solutions, which can not only help in compliance, but also ensure error-free accounting and seamless inventory management. The aim was to support Bahrain in its initiative to guarantee the successful roll-out of the new law as part of the government’s economic diversification plan.
Tally Solutions is a leading business software solutions provider that helps small and medium businesses manage accounting, inventory and achieve tax compliance in a timely and effective manner. It has helped over 2,000 businesses in Bahrain be tax compliant and improve their business efficiency.