- Review and timely filing of accurate VAT returns of Company group in accordance with provisions of VAT law and regulations. Preparing, validating and submitting all required VAT returns, supporting schedules and any documentation/responses as may be required by the Tax Authority.
- To ensure all month/ quarter/year end processes are action on a timely basis.
- Ensuring compliance of VAT data collection, review, consolidation, preparation and payment of quarterly VAT liability.
- End to end accountability for timely execution of all VAT calculations.
- To develop an indirect tax policy and procedure manual for the group, with the consultant.
- To review all existing policies and procedures manuals of other departments and add update/include relevant sections as required.
- Understanding business operation and transactions flow for smooth implementation and Lead the overall strategic implementation of VAT in the group in close co-ordination with appointed consultant.
- Preparing a high-level design of the changes in business processes, transactions and arrangements.
- To ensure smooth transition from a consultant co-sourced VAT arrangement to an in-house department over a period of maximum 1 year.
- To coordinate with VAT consultant, IT team and Finance team to map all transactions with chart of accounts to ensure completeness.
- To coordinate with various departments for evaluation of various existing contracts (vendor, customers, lease, IT AMCs) of group.
- To review VAT setup on transitioning to new ERP system over next 6 months and assist with data migration mapping as required.
- To assist in resolving any transitional issues that may arise during the Go live phase of ERP implementation.
- To prepare and submit monthly reports on the VAT activities for the Group.
- To identify and discuss VAT considerations/ implications for various departments of the group
- To advise update and advice group entities and departments on all VAT related developments and changes including impact assessments, readiness and related projects
- To develop and lead VAT training programmes for group employees and externally wherever required to group’s clients and vendors.
- To build a deep understanding of the Gulf Corporation Council (“GCC”) VAT Framework Agreement Law and the Bahrain VAT decree as well as its detailed regulations and its practical application in Bahrain, the insurance and investments sector.
- Mapping various insurance business areas and processes that are likely to require structural changes to comply with VAT requirements and advising the departments accordingly.
- To review transactions and guide various teams of group company on VAT implications for such transactions.
- To arrange group-wide VAT training and knowledge to relevant staff to handle day to day VAT transactions. Acting as the single point of contact for all VAT-related activities and providing periodic training and mentorship to departments within the Group concerning VAT implementation, documentation and compliance.
- To identifying potential tax planning opportunities