VAT Return Filing
Today almost more than 180 countries have accepted the procedure and this got spread worldwide at a faster pace. Value Added Tax (VAT) is charged on the consumption of goods and services. Be it a new business or an established business, filing for VAT return acts as a savior and also holds a good image in the eyes of the government. VAT is also charged for business entities involved in the business activities with other countries. While carrying out these activities it’s better to be VAT compliant to avoid any kind of penalty that becomes a hindrance in the way.
How to file VAT Return under Bahrain VAT?
The taxpayer is required to submit details of transactions related to taxable sales and purchases by submitting an electronic VAT Return Form. The submission of the VAT Return Form is commonly referred to as VAT return filing.
The first VAT return in Bahrain is due on 30th April, 2019 for tax period April to March, 2019. This will be filed by the businesses whose annual supplies are more than 5,000,000 BHD and have registered under Bahrain VAT by 31st December, 2018. Click Here to read more about the VAT return filing Period and VAT return due date.
The VAT Return Form is an electronic form in which the taxpayer needs to summarize the details of the total output tax due and the total input tax recoverable for a given tax period. All the details need to be filed electronically by logging to the National Bureau for Revenue (NBR).