VAT in Bahrain
Are you ready for implementation?
Following the introduction of Value Added Tax (VAT) in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA), Bahrain is expected to follow suit. Although the exact date of implementation is yet to be confirmed, recent updates from the Ministry of Finance indicate that Bahrain is moving closer towards implementation.
The introduction of VAT will be a big challenge for the local Bahrain market. Businesses from a largely non-tax environment will be required to meet significant obligations critical to the operation of the new VAT system.
Deloitte has developed an approach and methodology to support businesses during this crucial time. This document, available in English and Arabic, provides helpful tips on how to best prepare for VAT, as well as actions that should already be under way.
From our VAT implementation experience in the UAE, KSA and other countries, businesses need to start preparing early, to ensure readiness and day one compliance.