***BREAKING NEWS*** BAHRAIN ANNOUNCES TWO-STAGE VAT IMPLEMENTATION FOR BUSINESSESV2

***BREAKING NEWS*** BAHRAIN ANNOUNCES TWO-STAGE VAT IMPLEMENTATION FOR BUSINESSESV2

by | Nov 28, 2018 | Bahrain, Country Specific, GCC VAT, VAT, VAT News | 1 comment

The Ministry of Finance for the Kingdom of Bahrain has just announced important information relating to the introduction of VAT for businesses early next year.

On 1 January 2019, only businesses with sales exceeding 5 million Bahraini dinars will be subject to the VAT regime, with companies under this sales threshold not expected to have the tax application until later in the year.

Professor Rana Ibrahim Fakihi, Assistant Undersecretary for the Development and Policy of Public Revenues at the Ministry of Finance, made the announcement regarding the Bahrain VAT launch, which can be read in full here.

Please note: Whilst the official announcement says the items will be exempt from VAT, it is likely they will be zero rated instead, which of course makes a difference to the VAT recoverability on those items purchased for sale.

 

Carl Robinson

Carl Robinson

Marketing Manager at Innovate Tax

Carl is an experienced marketing professional, having managed marketing functions for a variety of B2B service providers. Joining Innovate Tax in 2018, Carl is new to the world of indirect tax, and is swiftly learning the associated complexities experienced by those responsible for ensuring VAT compliance.

Carl is responsible for all marketing deliverables across the company, including all the offline and online marketing strategies.

In his spare time, Carl also teaches and is a lecturer with commendations for the Chartered Institute of Marketing’s professional marketing qualifications.

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