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Maintaining the books of accounts and records is one of compliance responsibility of the business registered under Bahrain VAT. The Bahrain VAT regulation prescribes different types of records to maintained and time period for retaining such records.
In this article, we will discuss different types of records to maintained and time period to retain it.
The following are records and books as prescribed in the Bahrain VAT regulations which a VAT registered business should maintain.
These records should be retained in a secure way to avoid their damage, and in a state where they can be read and reviewed.
The taxable person should retain records and accounting books for a period of five years from the end of the tax period to which it relates.
For example: A Tax Invoice for a supply on 25th April’ 19 relates to the tax period of January-December '19. Hence, it should be retained until 31st December '24.
Records related to capital assets should be retained for a period of five years from the end of the tax period in which the adjustment period for such assets ends. Similarly, records related to real estate should be retained for a period of fifteen years from the end of the tax period to which they relate.
A taxable person may retain records and accounting books electronically if the following conditions are met:
The Bureau has the right to review the computer system or Accounting software used by a Taxable Person to ensure its compliance with the provisions of the Law and these Regulations.
Records, accounting books and other documentation that are required to be retained can be maintained either in Arabic or English.