BAB launches special commission on VAT

The Bahrain Association of Banks announced launching a committee on Value Added Tax, comprising 35 members representing 24 banks and financial Bahraini institutions, in preparation for applying the value added tax in Bahrain next year. The committee will work under the supervision of BAB to bring together representatives from all banks in Bahrain. The move aimed at discussing Bahrain VAT regulation, asses its impact on the financial services sector (specifically banking), share experiences and challenges faced in its implementation.

The first meeting was held at HSBC Bank’s head office in Seef, chaired by its Chief Financial Officer, Nasir Maqsood. More than thirty (30) representatives from local banks attended the meeting. Mohamed El-Swefy, HSBC MENA Head of Tax provided support and guidance to the group by sharing HSBC’s experiences and challenges faced during its recent VAT implementation in UAE and Saudi Arabia.