"Because Bahrain's tax authority decided to stagger VAT implementation according to taxable turnover
, we are going to see two further waves of VAT implementation here in Bahrain," he said.
Whether or not your business has a taxable turnover
above BD5m, VAT is now a fact of life for all businesses in Bahrain.
VAT RULES From April 2019, all VAT-registered businesses with taxable turnover
above the VAT registration threshold will have to keep VAT records in digital form and file their VAT returns using software.
These affect VAT-registered businesses with a taxable turnover
above the VAT threshold of PS85,000.
From April 1, all businesses with a taxable turnover
over PS85,000 will need to keep their records digitally.
David Stevens, partner for VAT implementation in the GCC at EY, said if a business is not eligible to be voluntarily registered because either their taxable turnover
or expenses are below the required threshold value of Dh187,500, then they should deregister.
Qualifying educational institutions are required to register for VAT in the UAE if the value of their annual taxable turnover
meets the mandatory registration threshold of AED 375,000.
Sarajevo company, in violation of Articles 55 and 56 of the Value/Added Tax Law, he failed to issue taxable invoices to his customers for the goods sold, to keep taxable turnover
business records for the company, or the Outgoing Invoice Book, or tax return records, nor has he calculated, reported or paid Value/Added Tax.
It is mandatory for an entity operating a business to be registered for GST where the taxable turnover
exceeds the threshold of RM500,000.
The envisaged amendments complement the registration provision by which taxpayers undertake to apply for registration within 7 days of the date on which, on the basis of the volume and nature of the activity performed, they can reasonably be expected to reach a taxable turnover
from BGN 50,000 or more within the current and next month.
In a statement issued hereA Sunday, the HCCI's Senior Vice President Turab Ali Khwaja urged the FBR to lower the tax from 1 percent to 0.5 percent and increase the taxable turnover
limit from Rs.10 million to Rs100 million.