Invenio Business Solutions announced the successful go-live of the new VAT system implementation for the National Bureau for Revenue (NBR) in the Kingdom of Bahrain. The project went live on the 30th of May and was delivered in a record time of just under six months.
NBR is responsible for administration, monitoring and collection of VAT and excise and related penalties through enforcing laws, regulations and bylaws applicable in the Kingdom of Bahrain.
For enabling the implementation of VAT, Ministry of Finance and National Economy sought to implement a robust, comprehensive and integrated IT platform that caters for the requirements of existing and future VAT requirements for the Kingdom of Bahrain. After a competitive bidding process, Invenio was selected to work on the greenfield project.
Arun Bala, CEO of Invenio commented: “I am delighted that Invenio have successfully delivered a fully functioning VAT system for the Kingdom of Bahrain in such a short timeline. Our focus on delivering success for our Customers combined with our deep expertise in the VAT and Revenue Management area have been the key reasons for the success of the project.”
The project had an overall timeline of 12 months, split into four phases. The first two phases consisted of VAT payer signup and registration, returns filing, refunds, accounting, payments and collections and were almost completed in less than six months.
Invenio has worked with NBR to implement the most comprehensive COTS solution for tax authorities – SAP Tax & Revenue Management (SAP TRM) tax platform.
Rana Faqihi, Acting CEO of NBR “We are delighted to work with Invenio, who has contributed with Information & eGovernment Authority (iGA) in the implementation of the VAT system for NBR to fulfil all the requirements of the Authority with respect to the standards applied by the Kingdom of Bahrain.”
The primary solution that was implemented was SAP S/4HANA core tax administration solution, which will be used by the VAT officers to administer and manage VAT revenues in the Kingdom of Bahrain. The SAP TRM platform also includes online VAT payer services based on Multi-channel foundation, integration platform using SAP Process Orchestration, Document Management System and SAP Solution Manager, all of which are now hosted on AWS private cloud.
The new VAT system will provide the VAT payer with the ability to register online with the VAT authority, submit their VAT returns and requests for refunds online, and pay for the VAT dues through the payment gateway. On the other hand, the VAT officers will be able to review and approve the VAT payer registration, access the VAT returns, audit the VAT payer and perform collection management features.