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%.
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.
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.
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.
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.
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.
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.
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.
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.
Business continuity risks, such as employees’ absence or IT failures may seem not to matter until something happens – but when that something happens, nothing else seems to matter. As we have seen with the COVID-19 pandemic, business continuity – the ability of a business to continue to function despite disturbances – encompasses a variety of drivers, from strategic and competitive to regulatory and operational, impacting critical resources. For more details on how business continuity can add resilience to your business, please download our flyer or contact our IT consulting team.