VAT alert for firms

MANAMA: Companies in Bahrain with sales exceeding BD5 million annually must register with tax authorities before January 1, ahead of the rolling out of Value Added Tax (VAT).

The announcement was made yesterday by Finance Ministry Assistant Under-Secretary for Development and Revenue Policies Rana Faqihi.

She said VAT of five per cent would be rolled out in a phased manner, starting with companies exceeding annual sales of BD5m.

They should register with the National Bureau for Taxation (NBT), the entity in charge of managing the tax, before January 1. A series of briefings will also be held to ensure businesses are ready for the first phase of VAT.

An NBT hotline has been set up for VAT enquiries on 80008001, or people can e-mail vat(@)mof.gov.bh

Source: http://www.gdnonline.com/Details/443344