Three things has to be done as follows:
A 5% initial VAT rate will be set, unless your goods or services is zero rated or VAT exempt. VAT will be calculated based on the consumption of goods and services. Businesses can claim credit for VAT paid on their business-related expenditures, as illustrated on the chart below.
Some of the consequences will be;
The impact of VAT varies from one company to another depending on the nature of business and the complexity of operations and the accounting system in place.
Some of the common effects are:
We has built a team of tax professionals ready to help your Company to ensure that your transition to VAT is smooth and efficient, from planning, impact assessment, compliance to implementation.
Steps to be involved in VAT implementation:
We can support you in the following areas:
Bahrain has entered into the world of Value Added Tax (VAT) from 1st January 2019. VAT in Bahrain has led all businesses in facing several challenges while implementation and its execution. VAT Implementation in Bahrain should ensure that the process and methods adopted by the businesses are VAT compliant.
We provides expert tax advisors and Tax professionals who have relevant industry-specific experience in implementing and advising on Tax related matters.
We Provide;
VAT in Bahrain requires proper maintenance of books of accounts in compliance with the Bahrain VAT law. VAT accounting involves verification of supporting documents in purview of law, recording of transactions as per accounting standards and preparation of financial statements.
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