News Update

Bahrain: NBR releases guide on VAT Agent / VAT representative

Date: 06 May, 2021

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External URL: https://www.nbr.gov.bh/publications/view/VAT_Agent_VAT_Representative_Guide

Bahrain- May 6, 2021:

National Bureau for Revenue (NBR) in Bahrain published a guide in April 2021 on VAT agent or VAT representative.

A VAT agent is a person who is authorized by the NBR to act as an agent on behalf of a VAT payer in his name and on his behalf in relation to the VAT payer’s compliance obligations. It is a voluntary appointment by the tax payer subject to the agent being authorized by NBR.

Non-resident VAT payers who are obliged to register for VAT in Bahrain have the option to appoint a VAT representative. A VAT representative replaces the VAT payer and becomes responsible for all the VAT payer’s obligations towards the NBR.

The VAT Agent / VAT Representative Guide provides guidance and further clarification to those who would like to become a VAT Agent or Representative in Bahrain and the the criteria that must be met. Any person who is interested in becoming a VAT agent or VAT representative should go through this Guide to understand the conditions and the procedure that must be followed.

The guide provides an overview of

  • The requirements for obtaining NBR’s approval for getting registered as VAT agent/representative.
  • Rules and procedures for VAT payer to appoint a VAT agent/representative.

For any queries reach out to our tax experts.

stc Bahrain-AFS partner for next generation payment solutions

Date: 25 Feb, 2021

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External URL: https://www.gdnonline.com/Details/937093/stc-Bahrain-AFS-in-deal-for-next-generation-payment-solutions

Bahrain- February 25, 2021:

stc Bahrain, a digital enabler and Arab Financial Services (AFS), MEA region’s digital payments and financial technology solutions provider, have partnered to launch FinTech payment solutions for both retail SMEs and customers across the Kingdom of Bahrain. The partnership will see stc Bahrain leverage AFS’ VAT-enabled payment tools to roll out all-in-one fully integrated stc Tajer point-of-sale (PoS) solution.

Powered by AFS, the PoS solution provides the flexibility to process payments, print receipts, accept online orders while lowering infrastructure investments, minimizing human errors and making transaction easier.

The partnership expands the stc pay network, with AFS said to be becoming the first acquirer in Bahrain to offer stc pay acceptance across their network of smart Android-based, integrated PoS (point-of-sale) terminals. Merchants will now be enabled with QR contactless payments and added to the stc pay portfolio.

With a VAT-enabled integrated payment solution developed by AFS, stc Bahrain will be supporting retail companies, pharmacies, restaurants, cafes, salons, gyms with the PoS solution, and would streamline the financial transaction processes into one system.

Bahrain: Attorney General establishes Tax Evasion Crimes Unit

Date: 24 Feb, 2021

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External URL: https://www.bna.bh/en/AttorneyGeneralestablishesTaxEvasionCrimesUnit.aspx?cms=q8FmFJgiscL2fwIzON1%2BDrsYCsGSsEW%2F9XQ6M4wcu%2FA%3D

Bahrain- February 24, 2021:

The Attorney-General has issued a decree establishing a specialized unit called “Tax Evasion Crimes Unit”.

Affiliated with the Financial Crimes and Money Laundering Prosecution, the new unit will investigate the crimes stipulated in the Value Added Tax Law No. (48) of 2018.

Financial Crimes and Money Laundering Prosecution Advocate Chancellor Nayef Yusef Mahmoud said that the establishment of this unit aims to reinforce the executive procedures regarding the application of the provisions of the law to tackle the cases of tax evasion. The unit is set up to probe such types of crimes and speed up the investigation of the reports related to the violation of the provisions of this law, in line with the requirements of the law for the urgent consideration and referral to the courts.
Click here to read more…

NBR releases updated VAT Imports and Exports guide

Date: 23 Feb, 2021

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Bahrain- February 23, 2021:

Bahrain’s National Bureau of Revenue (NBR) has published an updated version (1.2) of VAT Imports and Exports guide on 4th February, 2021.

The revised version clarifies the VAT implication regarding adjustment in the value of goods imported in the Kingdom of Bahrain.

Click here to view the Full Guide ( Version 1.2)