Bahrain VAT Update – Taxpayer Filing
The National Bureau for Revenue (NBR) has recently announced the VAT Return Format for VAT registered businesses in the Kingdom of Bahrain (Bahrain). According to Bahrain VAT Law, a Taxable Person will be required to submit a VAT Return which contains details regarding the supplies made and received for each Tax Period, as follows:
All VAT Returns should be submitted online using the NBR portal. To initiate and access the VAT Return, a VAT registered business would need to login to the NBR portal using its registered username and password.
The NBR will open a portal for a VAT Return submission in April 2019 at earliest.
What’s next for businesses?
From Re/think’s VAT experience in the UAE and KSA, businesses need to start preparing for VAT implementation as soon as possible. It is advisable to assemble a ‘VAT Project Team’ which should be a combination of key internal resources and external experts to be prepared in time.
The indicative steps to be followed are:
How can we help
Rethink as an entity provides VAT advisory, optimization, registration, implementation, compliance, and training services in Bahrain, UAE, KSA and the GCC.
Our team is here to guide you through the VAT law and regulations and ensure full compliance with the law.
Our team of senior qualified tax advisors, finance experts, and tax accountants will ensure timely and cost-effective VAT services.
Based on our local and international experience we understand that VAT is a complex tax and will certainly suffer numerous changes in the upcoming years. Rethink’s VAT services are aimed to suit both basic and complex returns for SMEs and larger enterprises.
Who we are
Re/think is a boutique accounting, audit, advisory, regulatory compliance, and tax advisory firm with offices in Dubai, Abu Dhabi (ADGM) and Bahrain focused on providing businesses of varying sizes with timely, proactive, and customized business solutions from start-up and early development to the latest stages of a business lifecycle.
For further information and assistance with VAT, Customs or Excise advisory, structuring and registrations in Bahrain, UAE or KSA, please contact tax@rethink-hq.com or call us at +973 16 55 5050.
