BMMI is based within Bahrain, specializing internationally in wholesale and the retail of food and beverages. The diversified retail firm was an existing client of Innovate Tax with prior exposure to VAT regulations within the Kingdom of Saudi Arabia.
However, BMMI is unique in that when the intention to introduce VAT was announced by GCC member states, BMMI’s response was to proactively plan for the eventuality of Bahrain VAT, despite no formal confirmation of its likely introduction date.
Initially, Innovate Tax was instructed to design and implement automated indirect tax determination technology in readiness for KSA VAT. Whilst originally outside the scope of works, we made a strong recommendation that BMMI considers the KSA implementation project as a tandem opportunity to prepare for Bahrain, particularly as any future regime would affect more of its inbound and outbound transactions; BMMI’s main trading occurs within Bahrain.
Our recommendation was taken under advisement and included within the project scope.
What did Innovate Tax achieve with BMMI?
When Bahrain VAT details finally emerged, the prevailing groundwork meant that the only step needed was to use RapidInstall™ to advance through testing stages. Because of this, the news of VAT legislature barely raised a single eyebrow – trust exemplified.
- An international diversified retail and distribution and contract services and supply group
- Implementation of GCC VAT before legislation formalised