{"id":3395,"date":"2018-12-10T15:12:15","date_gmt":"2018-12-10T11:12:15","guid":{"rendered":"https:\/\/www.premier-brains.com\/country\/?page_id=3395"},"modified":"2021-01-30T21:51:10","modified_gmt":"2021-01-30T17:51:10","slug":"tax-services","status":"publish","type":"page","link":"https:\/\/www.premier-brains.com\/country\/bh\/tax-services\/","title":{"rendered":"Tax Services in Bahrain"},"content":{"rendered":"
\r\n

Tax Registration<\/h4>\r\n

Values added Tax will be implemented in Bahrain from 1st January 2019. Value-Added Tax or Tax is a tax on the consumption or use of goods and services levied at the point of sale.<\/p>\r\n

Article 29 provides an overview of the persons required to be registered for Tax purposes. The thresholds for registration are in line with the GCC Tax Agreement which is as follows:<\/p>\r\n

Mandatory registration threshold \u2014 SAR375,000 (approx. BHD 37,700) Voluntary registration threshold \u2014 SAR187,500 (approx. BHD18,850)<\/p>\r\n

A nonresident person shall be required to register in Bahrain, regardless of the value of supplies, as long as he is obliged to pay the tax in Bahrain. Registration can be done directly or through a tax representative<\/p>\r\n

Exception from registration \u2014 Article 32 outlines that a taxable person, who has a mandatory registration requirement due to all taxable supplies being zero-rated, can request an exception from having to register Group registration \u2014<\/p>\r\n

Article 30 allows two or more taxable legal persons, resident in Bahrain to register as a Tax group, upon application and approval (as per the Regulations).<\/p>\r\n<\/div>\r\n

\r\n

Tax advisory<\/h4>\r\n

Bahrain is introducing Tax from 1 Jan 2019.<\/p>\r\n

As Tax is a newly adopted concept in the region, it requires qualified and experienced Tax professionals\u2019 advise to support the businesses especially, while complying in the initial stages of this transition. PB and CAMC has a team of experienced qualified tax advisors with prior experience of Tax implementation in UAE and KSA<\/p>\r\n<\/div>\r\n\r\n

Some of the areas that Tax impacts consists of below,<\/strong>

<\/p>\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
\"\"<\/td>\r\n\r\n
PROCUREMENT AND IMPORTATION<\/h5>\r\nSupplier Pricing and AP processing times
Additional back up documentation
Supplier Tax awareness
Considerations for purchase from Non-Registered Supplier
Within GCC and outside GGC imports<\/td>\r\n<\/tr>\r\n
\"\"<\/td>\r\n\r\n
ERP AND IT SYSTEMS<\/h5>\r\nProgramme changes for Tax coding on all Customer Invoices
Tax input fields in GL, AP, AR, and Procurement sub-ledgers
System testing
System for Back up retention and Retrieval of Tax invoices and backup
Trail for Tax Audit, Queries and Input Credits<\/td>\r\n<\/tr>\r\n
\"\"<\/td>\r\n\r\n
SALES AND CONTRACTS<\/h5>\r\nPricing strategy
Communication with customers
Debit and Credit Notes
Inter-company transactions<\/td>\r\n<\/tr>\r\n
\"\"<\/td>\r\n\r\n
LEGAL AND HR<\/h5>\r\nInclusion of relevant clauses for Tax protection
Internal and External Communication plans
Staff Trainings
Employee Allowances and Expense claims<\/td>\r\n<\/tr>\r\n
\"\"<\/td>\r\n\r\n
FINANCE, TAX AND FISCAL COMPLIANCE<\/h5>\r\nUpdates of policy and procedures manual
Cash flow impact, Tax deferment schemes for cash flow improvement
Timely Registration of Entities
Compliance to Tax filing time lines, queries and audits
Advances and Deposits<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n","protected":false},"excerpt":{"rendered":"

Tax Registration Values added Tax will be implemented in Bahrain from 1st January 2019. Value-Added Tax or Tax is a tax on the consumption or use of goods and services levied at the point of sale. Article 29 provides an overview of the persons required to be registered for Tax purposes. The thresholds for registration… Read more »<\/a><\/p>\n","protected":false},"author":1,"featured_media":12832,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"template-with-sidebar.php","meta":{"footnotes":""},"class_list":["post-3395","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/pages\/3395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/comments?post=3395"}],"version-history":[{"count":5,"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/pages\/3395\/revisions"}],"predecessor-version":[{"id":14042,"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/pages\/3395\/revisions\/14042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/media\/12832"}],"wp:attachment":[{"href":"https:\/\/www.premier-brains.com\/country\/bh\/wp-json\/wp\/v2\/media?parent=3395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}