/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
1st January,2019, Bahrain will be third GCC Member state to implement VAT after UAE and Saudi Arabia. You must have read our previous article’ Important terms under VAT in Bahrain’, which talks about the common terms frequently used in dealing with VAT. In this article, let us understand what is VAT and how does VAT system work?
Value Added Tax known as VAT is an indirect tax charged on the supply of goods and services as well on imports. In general, it is consumption tax levied on value addition in each stage of the supply chain. This is achieved through the concept of input VAT deduction which allows the business to set off the VAT paid on purchases (Input VAT) with the Vat collected on the sales (Output VAT).
To know What is input VAT and Output VAT, please read our article ‘Important terms under VAT in Bahrain’
The businesses registered under VAT act as an appointed agent of the government to collect and remit VAT and the entire burden of paying 5% VAT is on the final consumer. To make it clearer, we need to understand the mechanism of the VAT system.
Let us understand how VAT System works with the example.
Read more on Bahrain VAT
VAT in Bahrain, VAT Invoice in Bahrain, Vat Return in Bahrain, VAT Return Format in Bahrain, How to file VAT Return under Bahrain VAT, VAT Rates in Bahrain, Tax Invoice Format in Bahrain, Simplified Tax Invoice Format Under VAT in Bahrain, VAT Return Filing Period, Checklist for Tax Invoice in Bahrain, What types of records need to be maintained for Bahrain VAT
Read more on Reverse Charge under Bahrain VAT
Reverse Charge Mechanism on Electronic Devices in the UAE Using TallyPrime
TallyPrime’s Flexible Voucher Numbering Capabilities for Accurate Recordkeeping