VAT Accounting in the kingdom of Bahrain
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AlTayyar Auditing is a registered ‘Tax Agent’ and has experienced and professional VAT Accountants , as VAT in the kingdom of Bahrain came to effect from start of 2018, VAT Accounting requires careful and correct documentation and record keeping as it is mentioned in the VAT Decree Law. Our VAT Accountants make sure that all the VAT Accounting and VAT Reports are in line with the requirement of Federal Tax Authority (FTA).
VAT + Accounting = VAT Accounting
VAT accounting is a combination of VAT and Accounting and all the procedures should be in place when a business is required to compute VAT. VAT is a transaction that needs to be accounted for, without properly maintaining the accounts and books, companies will be unable to handle the VAT and additional processes are needed to be done to deal with the VAT. VAT Accounting will push businesses to be aware of all the elements and processes that should be implemented in order to properly account for VAT and be responsible of other VAT elements such as VAT returns and VAT refund. VAT should not be taken lightly since VAT fines and penalties are heavy for the businesses that are not complying with the tax laws, which have been released by the Federal Tax Authority (FTA).
VAT Record Keeping
It is mandatory for every taxable person to maintain books of accounts under the VAT law. In addition to that the Federal Tax Authority (FTA) can ask for additional documents such as, Annual accounts details, General ledgers, Purchase day books, Invoices issued, Invoices received, Credit notes, Debit notes, VAT Ledgers, Records of all supplies and imports etc. Under the VAT law in the kingdom of Bahrain the books of accounts and records are to be maintained for at least five years. VAT Accounting services in the kingdom of Bahrain
VAT Accounting Kingdom of Bahrain
It is necessary for all the taxable businesses to keep their books in an organized and standardized form and must keep all the documents to avoid penalty and fines. If a taxable person or business fails to keep required records, books and documents, penalty of BHD 10,000 will be given and then BHD 50,000 if the offences is repeated again.
AlTayyar is providing the services of VAT Accounting in the kingdom of Bahrain, with outsourcing the services of VAT Accounting you will be able to put focus on your business and it will reduce your cost and stress. AlTayyar will take care of the VAT and Accounting/Bookkeeping and prevent your business from facing fines and penalties.