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Given the overall decline in oil prices in recent years, it has been necessary for the GCC member states to explore other sources of revenue and reduce dependency on hydrocarbons as the main contributor to the public purse. As a result, the GCC member states have signed a unified framework agreement for the implementation of VAT and Excise Taxes. Member states will also implement their own domestic legislation that will govern the introduction of these taxes.
Bahrain has approved the decree law on value added tax (VAT) due to come into effect on 1 January 2019 at the rate of 5%. The VAT law has been issued by the decree law no 47/2018 published in the Official Gazette issue no. 3387. The executive regulations are expected to be issued within 15 days after its adoption. The provisions of this law shall be deemed binding.
A.N. Auditing & Accounting has a specialist team can help you plan a VAT-efficient approach to every aspect of your business to enhance cashflow and minimise risk.