Keypoint to host VAT seminar

Manama, 14 November 2017

VAT will be introduced in the UAE and Saudi Arabia in just over six weeks. Keypoint, a leading professional services firm with the largest specialist VAT team on the ground in Bahrain, is hosting a timely seminar on 4 December that will update key decision makers on changes in GCC frameworks and recent legislative developments. With its unrivalled range of sector specialists, senior Keypoint consultants will also run a series of sector-specific workshops, focusing on the financial services, major projects and import, export and trading sectors.

“VAT is genuinely a paradigm shift for businesses across the GCC,” explains Mubeen Khadir, a director with Keypoint and head of its tax practice. “With imposition now just weeks away, we are still talking to many large businesses in both Saudi Arabia and the UAE, as well as other GCC countries, who have suddenly realized how significant a challenge VAT is going to be to their systems, their technology and their people. While there is now very little time left to ensure total VAT compliance, there are still changes that can be made that will help businesses prepare for VAT – and, importantly, reduce its financial impact.”

Keypoint was established in Bahrain in 2006 and currently employs almost 100 professionals. Khadir leads a multi-lingual team of 11 seasoned VAT specialists, many of whom will be presenting at the VAT seminar at the Downtown Rotana in Manama. “Because of the depth of our team, we are able to offer sector-specific advice that no one else can match,” continued Khadir. “Our practical workshops will focus on financial services (including insurance), the major projects sector – of particular interest to the oil & gas and real estate & construction industries – and the retail and import/export sector.”

Sheikh Omar Hisham, who has led a number of VAT implementations in both Malaysia and the GCC, welcomes the opportunity to showcase Keypoint’s experience in the insurance sector. “As well as the engagements we are running across the GCC, we have also hosted insurance roundtables where key decision makers have shared their implementation experiences while also tabling industry concerns.”

Another focal point will be the major projects sector, led by Willem Bam, a ten-year VAT veteran. “Oil & gas and real estate & construction are critical industries across the GCC,” points out Bam. “Unfortunately, these sectors have been relatively slow to realise how significant the challenges of VAT are – particularly in terms of its impact on working capital. Only now, as imposition is a matter of weeks away, are the time, value and place of supply becoming real issues for key decision makers.”

Other speakers at the seminar will include George Campbell, a certified tax adviser from the UK, and Chris Park, a lawyer and VAT specialist from New Zealand.

Wajdi Al Jallad, Keypoint’s managing director, adds, “People have spent thousands of dollars on VAT seminars without hearing the answers they need. Our one-day seminar – delivered by our market-leading VAT implementation team - will supply that content without breaking the bank.”

About Keypoint
Keypoint delivers statutory and corporate advice, accounting, investment administration, tax and VAT consulting, human capital, IT consulting, management consulting, financial regulatory compliance and trust administration services to a wide range of businesses, from corporations and financial services and insurance institutions to single owner companies and family managed conglomerates.

Our vision is to be the region’s leading professional business services provider by consistently providing a full range of business services that are:

  • Reliable
  • Cost-effective
  • Smart

About Keypoint's tax services
Our team, all based in Bahrain with immediate access to Saudi Arabia, includes VAT implementation specialists and technology specialists. Keypoint has the largest specialist on-the-ground VAT and IT implementation team serving Bahrain and Saudi Arabia. Currently delivering VAT engagements locally in Bahrain, Saudi Arabia and the wider GCC, our team has worked on numerous VAT implementation engagements in sectors including financial services and insurance, oil & gas, real estate and construction, family businesses, automotive and healthcare.

For more details, please contact:
Tom Gilbert
Head | Business Development
+973 17206825 | +973 38338643