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The taxpayer is required to submit details of transactions related to taxable sales and purchases by submitting an electronic VAT Return Form. The submission of the VAT Return Form is commonly referred to as VAT return filing.
The first VAT return in Bahrain is due on 30th April, 2019 for tax period April to March, 2019. This will be filed by the businesses whose annual supplies are more than 5,000,000 BHD and have registered under Bahrain VAT by 31st December, 2018. Click Here to read more about the VAT return filing Period and VAT return due date.
The VAT Return Form is an electronic form in which the taxpayer needs to summarize the details of the total output tax due and the total input tax recoverable for a given tax period. All the details need to be filed electronically by logging to the National Bureau for Revenue (NBR).
The following are the steps to file VAT returns in Bahrain.
VAT return forms can be amended in cases of errors within 30 business days from the date the Taxable Person became aware of the error on his VAT Return Form, and prior to NBR commencing supervision and inspection procedures. To submit an amended VAT Return Form, the same steps as the submission of a VAT Return Form (discussed above) can be used.
The Bahrain VAT return filing requires the details at a summary level meaning the consolidated details of Sales, Purchase/expenses, output VAT and Input VAT. More importantly, these details need to be furnished in the format prescribed by NBR (check tax invoice format in Bahrain). It will be highly difficult for business to manually collate and compile transactions for filing VAT Return and by doing so, you will be running the risk of missing deadlines and errors which will eventually lead to non-compliance and attract hefty penalties.
Thus, it is a must for businesses to have the right tax accounting software which will not only help you to account your VAT transactions but also triangulate your business records to generate the accurate VAT Return in the prescribed format.