With Bahrain’s parliament having voted to implement VAT in the kingdom on 1 January 2019, there is now very little time for businesses in Bahrain to prepare for the challenges and opportunities that VAT will offer. Keypoint’s VAT team – the largest specialist team on the island – has analysed the draft law and highlighted some of its key impacts, both on the economy as a whole and on specific economic sectors – including oil & gas, financial services, retail, healthcare, education, real estate and transport.
Issues for all businesses that are covered in the brief include:
- Penalties – including jail for tax evasion
- Transitional provisions – with special terms for contracts with the public sector
- Reverse charge on imports – which follows the KSA, not UAE, model
- VAT definitions – helpful for businesses new to VAT
To discuss VAT with one of our VAT specialists, contact the VAT team at email@example.com or +973 1720 6809.