Bahrain generated BD250 million in 2019 from Value Added Tax (VAT) – up by BD100m compared with budget estimates of BD150m. With the deadline for Bahrain VAT refund requests around the corner, the question is what is your business is doing to reclaim any Bahrain VAT that might be rightfully yours?
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said that the reason for the successful revenue growth which averaged 70% was due to the compliance of companies which are registered with the National Revenues Bureau. (source)
The deadline for the submission of the 5% VAT refund claim in Bahrain is the 31st March 2020. Any foreign businesses who frequently do business in Bahrain and who may have incurred VAT on travel or supplier expenses are urged to submit their VAT refund requests. This reclaim opportunity is especially significant for businesses operating in the GCC region who may have more exposure to VAT in Bahrain.
VAT IT is able to offer assistance and guidance to any businesses who wish to request refund claims from Bahrain.