• MOF would start issuing VAT registration numbers for companies having turnover more than BHD 5 million from today
• Procedure for voluntary and group registrations would be detailed out in the regulations
• The MOF will soon launch the website for VAT registration
• Certain Zero rated products would be linked to their HSN codes
• Import VAT to be applicable irrespective of the turnover limit or registration
• For supplies which are valued less than BHD 500, simplified invoices can be issued
• Bank statement would be considered as a valid invoice for claiming Input Tax deduction for bank related expenses
• Executive Regulations would be released in December, both in English and in Arabic
• MOF would share a readiness tool with the tax payers to guide them on the implementation front
• Anti-avoidance rules would be notified to ensure that company do not restructure their business entities so as to avoid VAT registration turnover limit
• Additional FAQs would be released by the tax authority bringing more clarity on various issues
• VAT awareness sessions would be conducted in the 2nd week of December 2018 by the MOF
• Several other sector-specific clarifications were provided by the MOF which would be expressly clarified in the Executive Regulations
Check our VAT Insight Phased rollout of VAT in Bahrain [ 732 kb ]
Manager
Tax Advisory (VAT)
Grant Thornton Abdulaal
M +973 38967876
E nirav.rajput@bh.gt.com