Businesses in the kingdom of Bahrain must prepare themselves for official and mandatory audits in 2019 as it has been one year since the VAT has been implemented in the kingdom of Bahrain. All the laws and regulations for all kind of businesses are clear and properly in place. Tax Audit in the kingdom of Bahrain starts in 2019.
All the businesses should be ready for audit by the Bahrain’s Federal Tax Authority (FTA). This practice will ensure the accuracy of accounting and bookkeeping and proper filing of VAT Returns. The audit will be conducted at the offices of the concerned business or at the place of choice of Federal Tax Authority (FTA). FTA will notify the business at least 5 days in advance. FTA will conduct tax audit in official working hours.
The tax payer and the auditors by the FTA will meet at the scheduled place at the scheduled time and the procedure of the audit will start. The tax payer and the legal representatives or the assigned tax agents are required to provide full cooperation and complete assistance to the auditors of Federal Tax Authority (FTA). If the authorities found something suspicious which will impact the Tax return then the authorities may ask for a re-audit.
If Federal Tax Authority (FTA) find out a Tax Violation then the penalties will be:
Penalty of BHD 1,000 will implement for not maintaining financial records.
Submission of Incorrect Tax return by the Registrant will be BHD 3,00 for the first time and then BHD 5,000 in case of repetition.
Failure of the person conducting business to facilitate the work of the Tax Auditor will be BHD 2,000.
Failure of the taxable person to submit a registration application within the time frame specified in the tax law will be BHD 2,000.
Tax Violations in the kingdom of Bahrain will also lead to shutting down of the business entirely and the cancellation of the Trade license.
AlTayyar are registered tax agents in the kingdom of Bahrain. We are authorized by Federal Tax Authority (FTA).
Let us deal with your tax responsibilities. AlTayyar Auditing of Accounts will be officially assigned as your business’s tax Agent by the Federal Tax Authority (FTA) and we will be fully representing your company in front of the Federal Tax Authority (FTA) and we will make sure that everything is in line with the law and rules and follow a standard which is defined by the government.
Save your businesses from getting closed and getting heavy VAT fines and penalties. Let AlTayyar handle all your Tax procedures. Our high quality Tax Agent services in the kingdom of Bahrain will calm you mentally and will help your businesses to grow. AlTayyar Auditing will make sure that everything is in line with the requirements of FTA and follow all the laws issued by the government. Contact Us for any kind of tax related services in the kingdom of Bahrain.