Businesses in Bahrain with operations in Saudi Arabia should assess whether they have any additional VAT reporting obligations with the standard rate of VAT in Saudi Arabia now 15%.
Taxflash 25 June 2020
On 20 June 2020, the Saudi Customs Authority started to implement increased import duty rates for certain goods based on a new tariff list dated 18 June 2020. More information on this week’s TaxFlash.
Taxflash 18 June 2020
Amendments to the VAT implementing regulations (IRs) increasing the standard VAT rate to 15% have been released. Other sections of the IRs have also been amended, particularly with reference to individuals selling real estate. More information in this week’s TaxFlash.
Solution spotlight – Services for e-billers
COVID-19 has seen an explosion in online payments by consumers – hampered by a combination of government restrictions and an unwillingness to venture outside – to retailers. However, e-billing services come with potentially serious information security and business continuity risks. Questions that should be asked by consumers include:
- How secure is the app or portal?
- Is card data stored, processed or transmitted?
- Is the app disaster-proof?
For more information, please download our solution spotlight, or contact our market-leading IT consulting team.
Taxflash 11 June 2020
The National Bureau for Revenue released their retail and wholesale guide late last week – our Tax services team have published a summary of the key points in this week’s TaxFlash.
Sector spotlight – Retail
Bahrain’s National Bureau for Revenue (NBR) released its retail and wholesale guide on 4 June 2020. Our Tax team highlighted the key areas for FMCG and other retailers that are either new or that clarify VAT positions.
Sector spotlight – Automotive
The National Bureau for Revenue (NBR) released their retail and wholesale guide late last week – our Tax team have highlighted key areas for car dealers. For more details, please contact our Tax team.
Taxflash 4 June 2020
Our Tax webinars have been an ongoing success. The Tax team are hosting a webinar, in Arabic, discussing the Saudi Arabia 15% VAT rate next week, Tuesday 9 June at 10AM. More details on how to register in this week’s TaxFlash – or contact Fatema Ghaith for more.
Solutions spotlight – eCommerce
The world that we once knew is being redefined. Retail businesses, in particular, need to show their resilience and adaptability by transforming product and service offerings. With social distancing becoming part of the ‘new normal’, marketplaces must switch to digital. At Keypoint, we work with businesses to develop engaging e-commerce apps and websites that offer customers a stress-free shopping experience. With a focus on quick turnaround times, robust infrastructure and meeting customer demand, we help businesses develop cost-effective solutions to reinforce operations during these uncertain times.
For more details on how we can help get your business on-line, download our e-Commerce flyer or contact our IT consulting team.
Tax alert – Second edition of transfer pricing guide
In May 2020, the General Authority of Zakat and Tax (GAZT) issued a second edition of its transfer pricing (TP) guidelines. Our tax alert highlights key sections from the lengthy (345 pages) document. For more information, please contact our tax team.