Annual turnover for businesses mostly exceeds 37,500 BHD in Bahrain and this makes it compulsory for businesses to obtain registration under the VAT regime. In case you have not done this yet, you will have to follow certain rules in order to register on time. The VAT authorities in Bahrain have also decided on introducing VAT registration in UAE and due dates in a simpler manner for the convenience of business owners.
VAT Registration Due Date in Bahrain
Bigger businesses can enter into the phase-wise process for registration. Here are some key details that you should know more about:
- From 37,500 to 50,000 BHD, the registration was available until 20th December 2019. It happens to be mandatory.
- From 50,000 to 5,000,000 BHD, the registration was available until 20th December 2019. It happens to be mandatory.
- For businesses with turnover over 5,000,000, the registration was available until 20th December 2019. It happens to be mandatory.
- From 18,750 to 37,500 BHD, the registration happens to be mandatory.
As already mentioned here, the large businesses have been invited for registration in the first phase of VAT registration and implementation. As a matter of fact, these businesses having supplies over BHD 5,000,000 will have to register in the first phase. And as you can see, the following ones will continue with the registration procedure.
What do you have to know about the key points of the registration?
First and foremost, it says that the calculation is what you should keep in mind. As a matter of fact, calculating VAT registration thresholds will be considering supplies made by them accordingly. Next, there comes the matter of checking the overall turnover profile! Not just that, you will also have to determine the due date accordingly for the purpose of VAT registration which has been applicable for the respective businesses.
For the purpose of registering for VAT, the businesses should walk an extra mile in creating the NBT profile with the NBT or as it is better called, the National Bureau for Taxation. You can search online and create an NBT profile accordingly. After that, it becomes mandatory to go through the given registration form. You will also have to keep the mandatory details and documents ready in order to complete the registration procedure online.
Setting up your VAT registered company in Bahrain
GCC Filings is the best option when it comes to getting VAT registration Bahrain done for your business in Bahrain and UAE. They offer assistance with regard to accounting, auditing, VAT return filing, company incorporation and a lot more. GCC Filings helps you with industry analysis, business investments and all procedures necessary for carving out your business niche in various regions. The company has a dedicated auditing and accounting department which is skilled, experienced and adept in handling company accounts, records, bookkeeping, investment portfolios and more.