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MNM Group is dealing VAT in BAHRAIN for over 2 years now since the implementation of VAT in BAHRAIN back in 2019. We have dealt and handled over 2000 clients and projects successfully and we have been assisting them to understand scope and laws relating to VAT, and to provide them with specific solutions and answers to their queries according to their specific business model.
MNM Group have a wide base of VAT experts who are equipped technically to cater the needs of the clients related to different dimensions of businesses and individuals and to provide best possible solutions to their needs.
VAT in Bahrain was 5% since the implementation but now it will be increased to 10% and that has been approved by Shura clearing all legislative hurdles. It will be implemented from Jan 1st 2022. The VAT law of 2018 will be amended according to the above amendment of increase in percentage.
Based on our past experience in OMAN, KSA and UAE, we have witnessed that the businesses lack the acumen and resources to be prepared for the implementation of new workflows, processes and systems to comply with VAT regulations, which lead to administrative and financial penalties.
MNM Group is assisting businesses to understand the scope of VAT laws and to provide tailored solutions for their specific business needs. Our team of VAT experts is ready to serve you in all your tax related matters.
VAT in Bahrain is administered and implemented by Govt. body NBR, The NBR is responsible for the registration of taxpayers and their tax liability, the validation of VAT return filing and the related assessment, the payment of refunds and collection of any amount due, the auditing and processing of any appeal and the monitoring and enforcement of compliance.
MNM Group of Companies provide full support in all of the above matters related to NBR, We have experienced and experts related to VAT, who can deal with every help and solution related to NBR and VAT in BAHRAIN.
HOW DOES VAT WORK
HOW DOES VAT WORK
If, as a VAT registered person, you make taxable supplies (i.e., supplies of goods or services subject to VAT), you must charge VAT on your supplies, and pay it to the NBR. This is your “output tax”.
The VAT charged by your suppliers on your business expenses and the VAT you pay on your imports of goods and services is your “input tax”.
As a VAT registered person, you can reclaim from the NBR the input tax incurred on your purchases and imports to the extent that these expenses and imports are used to make taxable supplies. You cannot reclaim the VAT incurred on expenses used for a non-business activity or for making exempt supplies (i.e., supplies of goods or services that are not subject to VAT due to a specific VAT exemption).
On a regular basis, you will file a tax return to the NBR and pay the excess of your output tax over your input tax. If your input tax exceeds your output tax, you can ask for a refund of this difference from the NBR or you can carry it forward as a credit to use against future VAT liabilities.
MNM Group is emerging in its services in the field of VAT with success rate of above 95% and over 2000 happy customers, we have a diversified approach and with that we have been solving complex issues of VAT related to different sectors of businesses and different sectors of economy, we are focused on providing the best possible solution to our clients and to guide them to carry their businesses in light and accordance with laws and regulations set by National bureau of revenue the governing body of VAT in Kingdom of BAHRAIN.
How MNM Group can help you?
How MNM Group can help you?
VAT REGISTERATION
VAT RETURN FILING
VAT REFUND PROCESSING
VAT IMPLEMENTATION & COMPLIANCE
VAT TRAINING
VAT CONSULTANCY
VAT COMPLIANT SOFTWARE
BOOKKEEPING
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