Bahrain | Tungsten Network

First step on e-invoicing implementation

Ryan Golds — Fri, 27 May 2022 11:02:32 +0000

While the Bahrani Cabinet is reviewing the proposed suspension of VAT, the National Bureau of Revenue has launched a survey to estimate the volume and nature of VAT invoicing, which included a mandatory questionnaire on invoicing patterns and the use of e-invoicing. It is likely that this information will be used in the preparation for electronic invoicing.

Bahrain is likely to follow Saudi Arabia’s lead in implementing e-invoicing in a pre-clearance model, which will require VAT-registered businesses to submit their sales invoices to the NBR for approval before sharing them with customers.

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Urgent proposal to temporarily suspend VAT

Ryan Golds — Fri, 27 May 2022 11:01:57 +0000

Inflation is soaring worldwide due to Covid and the Russian-Ukrainian conflict; the situation in Bahrain is no different.

10 Bahraini MPs, led by Mahmood Al Bahrani, have put forth an urgent proposal to tackle the burden of inflation on the nation. The proposal suggests suspending the 10% VAT temporarily as well as doubling the anti-inflation allowances for Bahrainis. “Inflation has hit the world hard, and today’s prices are threatening global economies”, Mahmood AI Bahrani added.

The proposal will be forwarded to the Cabinet for further reviews.

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Bahrain launches Digital Stamp scheme on cigarette products

Ryan Golds — Thu, 28 Apr 2022 06:56:25 +0000

The National Bureau for Revenue’s (NBR) of Bahrain has introduced the “Digital Stamps” Scheme in line with its commitment to ensure the effective implementation of Excise, with the aim of tracking excise goods from the manufacturing stage to the point of consumption. As stated by NBR, the scheme will be implemented in phases:
• From 15 May 2022, all imported cigarette products that arrive in the Kingdom must have a digital stamp
• From 14 August 2022, cigarette products sold in local markets must have digital stamps

The registration for the Digital Stamps Scheme is required by the Excise payers who import cigarette products and their relevant supply chain organisations from production until the release of the products to the local market in Bahrain.

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VAT rate increase from 5 to 10%

Ryan Golds — Fri, 12 Nov 2021 00:00:00 +0000

The Council of Ministers in Bahrain has approved an increase in the standard VAT rate from 5% to 10% with effect from 1^st January 2022, becoming the highest rate in the Gulf after Saudi Arabia.
The change is made in response to the impact COVID-19 had on Bahrain’s economy and it’s aiming to reboot Bahrain’s Fiscal Balance Programme (FBP).

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