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What is VAT?!

Value Added Tax; is a tax on the amount by which the value of an article has been increased at each stage of its production or distribution.

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Vat accounting advisory

Handling taxes can be a stressful affair!

If you find it too difficult to handle by yourself, rely on expert help. At SMOHFI Advisors, we have extensive experience and expertise in handling value added tax.

When you need to file your VAT return, our expert accountants will handle the work professionally.

Simplify Vat Compliance

From automating the complete Vat administration function to consolidating intelligence on local and GCC vat and accounting regulations; SMOHFI Advisors has a software solution for your organization.

Bahrain passes consumer-friendly Value Added Tax (VAT) Law

The Value Added Tax (VAT) Law in Bahrain has been published and confirms that VAT will be introduced in Bahrain on 1 January 2019.

The Bahrain VAT Law differs from the VAT rules of the United Arab (UAE) and the Kingdom of Saudi Arabia (KSA), in particular around the zero-rating and VAT exemption provisions.

The Bahrain VAT Law has now been published and sets out the general principles for the application of VAT in Bahrain. In line with the Unified GCC Agreement for Value Added Tax (VAT), VAT will be implemented in Bahrain on 1 January 2019.

It is expected that the VAT Executive Regulations will be published in the relatively near future and will provide more detail on specific areas of the Law. However, the Law sets out a number of differences from the VAT Laws that have been already been implemented in the KSA and the UAE.

Some of these key differences relate to the zero-rating and VAT exemption provisions in the Law. In particular, it is expected that Bahrain will apply the zero-rate on basic food items, the construction of new buildings, education and healthcare services, local transport services, as well as oil and gas and derivatives. The sale and lease of real estate as well as certain financial services (i.e. those with an implicit fee) and life insurance/reinsurance will be exempt from VAT. Financial services provided for an explicit fee including account management, certain trade finance services and fund management will be subject to standard rate VAT. Standard rate VAT will also apply to non-life insurance/reinsurance.

A separate decree establishing a new tax authority in Bahrain has also been published.

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The takeaway

With the VAT implementation date now confirmed to be 1 January 2019, businesses with activities in Bahrain will need to consider the implications of the law on their business and ensure that they are ready to comply with the Bahrain VAT requirements by the go live date.

For a link to the VAT Law, please visit the National Bureau for Revenue by clicking the bellow button

GCC VAT; Streamline your tax planning process

SMOHFI Advisors seamlessly connects with the business systems you have in place today to deliver the intelligence, technology, and human expertise you need to find trusted answers to your organization’s VAT determination and reporting obligation.  Manage through uncertainty with confidence with our patented tax automation application which integrates with leading ERP, financial, accounting and ecommerce systems in real time, and provides precision and control of your tax processes all around the world.

Our VAT services can include:

  • VAT Registration

  • VAT system setup

  • Staff Training

  • VAT Filing

  • Support correctly setting up your booking systems (ERP)

  • Support preparing invoice and credit note templates

  • VAT Payment

Activities and results:

  • Cost segregation

    Taxes are specific for each country. SMOHFI Advisors will help you solve and deal with complexity of financial reporting, and achieving significant tax deduction.

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  • Legal Tax Matters

    Weather you are small, medium company or a simple firm owner, SMOHFI Advisors will help you recognize the risks and opportunities specific for your business.

  • Income Tax Accounting

    SMOHFI Advisors will guide you through income tax accounting and help you understand specific tax positions.

Get in touch with our Tax & VAT Experts

For a quality accountant who can help you with your taxation control requirements, you can depend our professional services.

Contact a member of our team for more information on our services.