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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 mubeen.khadir@keypoint.com or +973 1720 6809.

VAT alert – Bahrain approves VAT law 

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