Press Releases

Forum on VAT Implementation Challenges in the Insurance Sector – 25th October 2018

Date: October 25, 2018

 

ThBIA in collaboration with BIBF  held a forum to BIA members and discussed the  “VAT Implementation Challenges in the Insurance Sector ” with the newly released regulation on Value Added Tax that will be effective 1st of January 2019.

The session led by MMJS Tax Consultants; BIBF’s knowledge partner for VAT. The expert panel of speakers enlightened the audience with implementation challenges they have faced in the UAE and KSA with strategies that Bahrain’s Insurance community can learn from its experience. The forum had covered the following topics;

 

  1. Impact of VAT on the Insurance Sector
  2. Practical Challenges faced by insurance companies
  3. Transitional Rules
  4. Diverse VAT treatments
  5. Insurance Regulatory Reporting
  6. Increase in cost
  7. Conflict with other VAT Jurisdictions
  8. Estimated Premium Income
  9. Reinsurance transactions
  10. Business Process Changes
  11. Identifying your customers
  12. Brokers and other business partners
  13. Documentation
  14. Self-Billing
  15. IT System upgrading
  16. Contract Review & Revision
  17. ERP modifications means VAT compliant
  18. Question & Answers