The Kingdom of Bahrain (Bahrain) has announced their Value-Added Tax (VAT) Law on 9 October 2018. This law is under their Royal Decree No. (48) of 2018. The VAT in Bahrain will be implemented on 1 January 2019 at 5% as part of the 2018 agreement of those in the Gulf Cooperation Council (GCC).
Farahat & Co. is a regulated Tax Agent, and we have 35 years of experience in VAT training. We can provide you what you need when it comes to understanding VAT and implementing it in your company. We will provide you the syllabus and all the materials that you will need for the training. For the whole period of it, we will ensure that you will not come out of the training still uninformed and unenlightened about everything that you need to know about VAT. We offer our VAT training that starts from as low as AED 2,000 per delegate. For the pricing summary, please check it here.
Some of the outlines that are included in our VAT training program are the introduction to the taxation law in Bahrain, modifications that need to be added in your sales invoice, modifications that need to be added in chart of accounts, the required accounting entries in sales transactions, and many more. For a more detailed information, please click here.
There is a list of people that is advised to attend the VAT training in Bahrain for preparation for VAT implementation in Bahrain. These people include CFOs, CEOs, Senior Accountants, Chief Accountants, and a lot more.
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The following below is the list of thresholds that are for VAT registration in Bahrain. This is accordance with the GCC VAT Agreement (refence: Saudi Arabian Riyal—SAR):
Violations to the law are stated in Article 63 of the VAT law in Bahrain:
There are penalties for non-compliance. For instance, penalties for failing to register for VAT in Bahrain can get to BHD 10,000. On the other hand, the failure in giving requested information to the tax authority can be up to BHD 5,000.
The Article 2 of the VAT Law in Bahrain says that the supply of all goods and services made and imported into Bahrain will all be subject to VAT. This is in accordance with the GCC VAT Agreement as well.
The law has certain provisions for the zero-rated supplies that are stated in Article 53. These zero-rated supplies will be determined based on specific conditions and procedures that the Regulations will outline.
The following are considered to be zero-rated supplies:
Knowing what VAT is and how to implement it in order to be in compliant with the government is essential for a company to run smoothly. This is why the following members of a company should attend our VAT training in Bahrain:
The following shows outline that is included in the VAT courses in Bahrain that we offer in our VAT Training Program.