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Certificate of Refund Entitlement for Expo 2020 Dubai

What is the Certificate of Refund Entitlement? An Official Participant of the Expo 2020 Dubai (both registered and not registered for VAT) must apply for a Certificate of Refund Entitlement before attempting to reclaim VAT on Goods and Services without the need to use...

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How to compile data for VAT return?

How to file VAT Return? The VAT Return Form is the official document summarizing for a given tax period, the total output tax due and the total input tax recoverable. The form is the same, whether a taxpayer is subject to quarterly tax periods or monthly ones....

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VAT on currency conversion services in Bahrain

A financial service will be exempt from VAT if the income earned by the supplier is by way of interest, a profit margin akin to interest or by way of an implicit margin. The implicit margin condition is usually met when the supplier specifically seeks to generate...

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Scope of VAT in Bahrain

Tax is imposed on all Taxable Supplies by a Taxable Person in the Kingdom. It is also imposed on Goods and Services received by the Taxable Customer in instances where the Reverse Charge Mechanism applies. It is also applicable to Import of Goods in accordance with...

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Annual supplies for VAT registration in Bahrain

The value of annual Supplies must include, for the purposes of registration, the following: The value of Taxable Supplies of Goods and Services, with the exception of the value of Capital Assets The value of Deemed Supplies The value of Intra-GCC Supplies which would...

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VAT on Islamic Insurance Products in Bahrain

Islamic financial products (including Islamic Insurance) provided under a written contract which relate to a Supply of financing in accordance with the principles of Shari’ah and which simulate the intention and achieve effectively the same result as a non-Shari’ah...

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Requirement for tax group in Bahrain

Prerequisite for tax group application There are two types of group members: Group representative (with or without common control) Group member (with or without common control) Conditions for forming tax group Following conditions must be met mandatorily by the group...

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Import under VAT in Bahrain

The entry of goods into Bahrain from a place outside Bahrain’s territory is treated as import under VAT. (i.e., an “import of goods”). The VAT treatment of imports of goods is summarized below. An import of goods is the entry of goods in the territory of the Kingdom...

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TAX GROUP REGISTRATION IN BAHRAIN

“ Two or more related legal taxable persons who reside in the Kingdom may be registered as a Tax group in the Kingdom.” Conditions Challenges Analysis Legal Person Can various sub CR join together to form a tax group? No, Sub-CR do not qualify as separate legal...

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VAT on advance received in Bahrain

Advances basically mean lending money orPart or full payment made for a transaction before the actual date of payment.Security of a transaction in a liquid form. As specified in the law tax shall be calculated at earliest of any of the following dates: The Tax is due...

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VAT on interest in UAE

A VAT-registered person may earn interest income by depositing money in a bank account or by holding fixed deposits, recurring deposits, or any other similar bank deposit. Out of scope supply Value Added Tax (‘VAT’) is a tax imposed on the import and supply of goods...

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