Bahrain Tax VAT 10 % l Bahrain Tax System #vat #vat10% #taxfree #gcctax #notax #bahrain

Bahrain Tax VAT 10 % l Bahrain Tax System #vat #vat10% #taxfree #gcctax #notax #bahrain

As of October 1, 2018, Bahrain implemented a Value Added Tax (VAT) system at a standard rate of 5%. Here are some key details about VAT in Bahrain:

1. Applicability: VAT is applicable to most goods and services supplied in Bahrain, including imports and locally produced goods and services.

2. Registration: Businesses with an annual turnover exceeding the voluntary registration threshold of BHD 37,700 (approximately USD 100,000) are required to register for VAT.

3. Taxable supplies: VAT is levied on supplies of goods and services that are not exempt or zero-rated. Exemptions include healthcare, education, financial services, residential property leasing, local transport, etc.

4. Invoicing: VAT-registered businesses must issue VAT-compliant tax invoices for taxable supplies. These invoices should contain specific information, including a unique invoice number, details of the supplier and recipient, VAT registration numbers, itemized prices, and VAT rates.

5. Filing and payment: VAT returns must be filed by taxable persons on a quarterly basis within one month of the end of each tax period. VAT payments are also due within one month after the end of the tax period.

6. Input tax recovery: Businesses registered for VAT can recover input tax paid on purchases related to their taxable supplies. However, input tax cannot be claimed for exempt or zero-rated supplies.

7. Penalties: Non-compliance with VAT regulations may result in penalties, including fines and imprisonment, depending on the severity of the offense.

It is advised to consult with an accounting or tax professional in Bahrain for specific guidance and up-to-date information on VAT regulations.

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