VAT Training in the Bahrain
VAT Training in Bahrain
VAT Training in Bahrain The Kingdom of Bahrain (Bahrain) has introduced their Value-Added Tax (VAT) Law on nine October 2018. This regulation is beneath their Royal Decree No. (48) of 2018. The VAT in Bahrain might be carried out on 1 January 2019 at 5% as a part of the 2018 settlement of these with inside the Gulf Cooperation Council (GCC).
SK Financial Services is a regulated Tax Agent, and we have 15 years of experience in VAT training. We can offer you what you want on the subject of information VAT and imposing it on your company. We will offer you the syllabus and all of the substances that you’ll be wanting for the training. For the complete duration of it, we can make certain that you may now no longer pop out of the schooling nevertheless uninformed and unenlightened approximately the whole thing which you want to recognize approximately VAT. We provide VAT schooling that begin you to evolved. For more information, download Bahrain VAT Laws.
Program Outlines
Some of the outlines which can be blanketed in our VAT education application are the advent to the taxation regulation in Bahrain, changes that want to be brought for your sales Invoice, adjustments that want to be brought in chart of accounts, the desired accounting entries in income transactions, and lots of more.
There is a listing of human beings this is counseled to wait the VAT schooling in Bahrain for training for VAT implementation in Bahrain. These human beings encompass CFOs, CEOs, Senior Accountants, Chief Accountants, and lots more. Contact us now for a free consultation.
Frequently Asked Questions (FAQ)
The following underneath is the listing of thresholds which can be for VAT registration in Bahrain. This is accordance with the GCC VAT Agreement (re-fence: Saudi Arabian Riyal—SAR):
- Mandatory registration threshold—SAR 375,000 (approx. BHD 37,700)
- Voluntary registration threshold—SAR 187,500 (approx. BHD 18,850)
- A nonresident individual obligated to pay tax in Bahrain—no matter the supplies’ value (registration: direct or through a tax representative)
Violations to the law are stated in Article 63 of the VAT law in Bahrain:
- Failure in going thru VAT registration inside 60 days of the closing date of registration
- No VAT Paying within 60 days after deadline
- Failure in providing a tax invoice
- Charging VAT on non-taxable items
- Unrightfully recovering VAT input
There are penalties for non-compliance. For instance, consequences for failing to sign up for VAT in Bahrain can get to BHD 10,000. On the alternative hand, the failure in giving asked records to the tax authority may be as much as BHD 5,000.
The Article 2 of the VAT Law in Bahrain says that the deliver of all items and offerings made and imported into Bahrain will all be challenge to VAT. This is according to the GCC VAT Agreement.
The regulation has positive provisions for the zero-rated components which are said in Article 53. These zero-rated supplies will be determined based on specific conditions and procedures that the Regulations will outline.
The following are taken into consideration to be zero-rated supplies:
- Supply and importation of foodstuffs (based on FECC (Financial and Economic Cooperation Committee)-approved list)
- Oil, oil derivatives, and gas
- Construction of new buildings
- Local transport
- International transportation services and the supply of transport-related means
- Supply of tutorial offerings; associated items and offerings to nursery, pre-school, primary, secondary, and better education
- Preventive and basic healthcare services; related goods and services
- The first deliver of gold, silver, and platinum after extraction for industrial purposes
- Supplies and imports of sure drugs and scientific equipment
- Export of products to out of doors of states that applied VAT
- Export of offerings to a patron positioned outdoor the states that applied VAT
- Supply of products below a customs responsibility suspension scheme
- Supply and import of pearls and valuable stones (problem to acquiring a certificate)
- Supply or importation of investment gold, silver, and platinum with a purity level not less than 99% (trade-able on the Global Bullion Market) (subject to obtaining a certificate)
- Supply of monetary services; besides if a right away price is done (fee, commission, or business discount).
- The Regulations will define the policies and situations with reference those services.
- Supply of vacant land and buildings (lease or sale); this will be subject to the rules and conditions of the Regulations)
Importation of the following:
- Supply of products exempted or zero-rated withinside the closing united states of america of destination
- Goods exempted from customs duty (in line with the
- Common Customs Law)
- Diplomatic exemptions
- Military exemptions
- Used non-public outcomes and family objects transported through people (both nationals dwelling out of doors the us of a or expatriates moving to Bahrain)
- Personal luggage and gifts
- Necessities for people with special needs
Knowing what VAT is and a way to enforce it so that it will be in compliant with the authorities is crucial for a enterprise to run smoothly. This is why the subsequent participants of a business enterprise need to attend our VAT education in Bahrain:
- CFO
- CEO
- Senior Accountants
- Chief Accountants
- Accounting Managers
- Treasurer & Cashiers
- Tax Consultants
- Tax Preparers
- Staff Accountants
- Controllers
- Internal Auditors
- Procurement Managers
- Other accounting and finance staff
- Finance Managers
- Cost and Budgeting
- Managers
The following suggests define this is covered with inside the VAT publications in Bahrain that we provide in our VAT Training Program.
- Introduction – Taxation Law in Bahrain
- Modifications that needed in the sales invoice
- Accounting entries required for sales transactions
- Accounting entries for purchase transactions
- Modifications that want to be introduced to the Chart of Accounts (attention on tax enter and tax output)
- Accounting entries for tax returns
- Tax adjustments
- Sales returns
- Purchase returns
- Sales written of debits
- Accounting entries for tax paying to the involved authorities
- Purchase written of claims
- Tax filing/declaration
- Tax filing/declaration for group
- Inter-company sales
- Inter-company purchase
- Difference among tax accounting facts and normal accounting facts
