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Bahrain Tax Authority releases VAT return guidance
Manama – February 4, 2022:
From January 1 2022, the standard rate of value-added tax (VAT) in Bahrain increased to 10 percent from the previous rate of 5 percent.
Under the new transitional rule, supplies made during 2022 pursuant to a contract signed on or before 23 December 2021 are subject to VAT at a rate of 5 percent until the contract expires, is renewed or is amended (whichever is earliest).
For further clarifications the National Bureau for Revenue (NBR) has released a detailed manual in English for taxpayers:
- VAT return filing manual for tax periods in 2022 (Filing payment and returns).
- A simplified VAT return filing manual applicable for tax periods in 2022.
For addressing any of your queries related to the new manual, get in touch out tax experts.