Businesses can now file their VAT returns on a monthly or quarterly or annual basis.
After the 3rd & final stage of the VAT (value-added tax) registration in Bahrain has expired in 2019, firms will now be needed to regularly file their VAT returns with effect from this 2022 onwards.
Several companies have registered throughout the previous year for VAT and near 25,000 companies need to register with effect.
In accordance with the supplies, their VAT returns can file quarterly or yearly. Tally Solutions clarifies that entrepreneurs using provides not exceeding BHD whereas people with supplies BHD 3 million will have tax periods will have a tax period.
An entrepreneur with yearly provides not exceeding BHD 3 million has the choice of asking the National Bureau for Revenue (NBR) to have monthly tax periods.
It is going to inform the company that is concerned about the shift in the taxation period In case the petition is accepted by the NBR.
NBR is thinking up yearly yield rather than monthly return for those companies whose provides are less than 100,000 BHD, the business added.
Vikas Panchal, Business mind – Middle East, Tally Solutions stated: “New improvements will appear as business organizations browse throughout the new VAT era. Firms will need to make changes in their procedures.
Given the intricacies of the various conditions of the VAT law, we urge that companies, particularly small and medium enterprises (SMEs), automate their accounting and taxation strategies to ensure that they function properly and economically under the VAT regime.
Researching the very best VAT-compliant applications can help them transition to the new regime easily.”
Tally Solutions has been ramping up its attempts to aid SMEs in this transition and make sure that companies adapt to regulations and the rules. The business has conducted several occasions within the one year in association to spread awareness about VAT.
Till date, the company has conducted over 500 events around GCC and 100 events around Bahrain to acquaint the company owners on its implementations and VAT.
Tally Solutions is a leading business management software provider that helps businesses manage stock accounting and attain tax compliance in a way that is timely and efficient. It’s helped enhance their business efficiency and be tax compliant.