Reading UK — DEC 4, 2023 — invenioLSI is pleased to announce the go live of Bahrain Integrated Tax System (BITS) Phase 1 modules in excise for the National Bureau for Revenue (NBR) in the Kingdom of Bahrain.
The 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. The go live of the BITS excise modules is a significant milestone, with the system intended to automate and streamline the process of excise tax compliance, making it easier for businesses to manage taxes and reduce errors. The new modules include registration, filing, payment, refunds, penalties, and risk.
The invenioLSI team considered and recognized various factors, such as the complexity of the system, the size of the entity, readiness, and change management. After a detailed analysis of excise tax requirements, the system was customized to meet the specific needs of the NBR.
The NBR and invenioLSI teams worked in close collaboration to ensure that the system operated as planned. With the support of dedicated invenioLSI experts, the organization was able to adapt to a new way of working, regarding excise tax, once the new system was successfully implemented in April 2023. On completion, the NBR was able to utilize the BITS excise modules to manage excise tax immediately.
invenioLSI previously supported the NBR with a robust, comprehensive and integrated Tax and Revenue Management (TRM) platform to cater to VAT requirements in the Kingdom of Bahrain. The bureau is a longstanding customer and entrusts invenioLSI to support the organization with the strategic selection, implementation, and maintenance of technology solutions for tax functions, while sharing industry knowledge and best practices.
Nader Tirandazi, CEO at invenioLSI commented: ‘The new excise tax system emphasizes the importance of ongoing integration and innovation to meet requirements and ensure a high quality of service for all stakeholders. We’re delighted to support the NBR with our unique experience and expertise in tax and revenue management systems, in accordance with the expectations and standards set by the Kingdom of Bahrain. We look forward to continuing to work with the NBR to help the authority to digitally keep pace with emerging regulatory and legislative changes in Bahrain.’
About invenioLSI
invenioLSI is a global independent ERP solutions provider serving the Public Sector and offering specialist skills in the media and entertainment sector. With deep expertise and advanced technologies, invenioLSI enables organizations to modernize so they can run at the speed of today’s business. invenioLSI knows how to navigate the extraordinary complexities of public sector organizations, working with stakeholders to drive change and create the agile organizations of tomorrow using the technologies of today. Our cloud solution allows businesses to scale quickly, reduce overheads, and offer the flexibility employees and customers need.
For more information, press only:
Caroline Silva
VP, Head of Global Marketing
csilva@invenioLSI.com