Accounting for VAT Compliance

VAT Accounting in Bahrain

VAT in Bahrain requires proper maintenance of books of accounts in compliance with the Bahrain VAT law. VAT accounting involves verification of supporting documents in purview of law, recording of transactions as per accounting standards and preparation of financial statements.

The financial statements shall be kept for five years after the end of the tax period to which they relate:

• For capital assets, for five years after the end of the tax period in which the adjustment period of these assets ends
• For real estate assets, for 15 years after the end of the tax period to which they relate.

Is accounting for VAT mandatory?

According to the Bahrain VAT Law, the books of accounts and records have to be maintained for a period of five years. It is important for all the taxable persons to maintain books of accounts in compliance with the Bahrain VAT law.

We have professionals with experience in local and international accounting standards including IFRS/IAS, US GAAP, UK GAAP etc. We work with any of your existing accounting software by providing the tailored management reports.

What are the common methods Emirates Chartered Accountants deals with VAT Accounting?

• Compliance calendar.
• Compliance calendar.
• Invoicing.
• Non-deductible VAT.
• Reverse charge VAT.
• Annual return of trading details (RTDs).
• Revenue verification checks.
• Compliance process manual.

What are the documents to be maintained while complying for VAT?

• Suppliers invoices
• Suppliers invoices
• Credit Notes
• Tax Credit Notes – issued and received
• Debit Notes
• Tax Debit Notes – issued and received
• Tax Invoices & commercial invoices issued
• Export documents viz, Bill of Entry, bill of lading etc.
• Tax Invoices received
• Tax Credit Notes received
• Import documents including Bill of Entry & any other documents relevant
• Purchase invoices – overseas suppliers including services
• Contracts and agreements

We assure the best VAT Accounting Services across Bahrain. Emirates Chartered Accountants & Its Associate Professional Firms (Emirates Chartered Accountants Group) are ISO 9001-2008 Certified International Chartered Accountants Firms and is headquartered in Dubai with its branches over the Emirate, Bahrain, UK & India. The inception of Emirates Chartered Accountants Group was marked in the year 2005, backed by a team of highly qualified professionals in the services that are provided.

Our Tax services in the UAE are as mentioned below:

Tax Agent

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VAT Return Filing

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VAT Implementation

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International Taxation

VAT Registration

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VAT Consultancy

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VAT Consultancy

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VAT Deregistration

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Tax Audit Service

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Excise Tax Advisory

For more information please contact.

For VAT in Bahrain
Bichin Raj
+973 3619 8998
br@emiratesca.com

For VAT in UAE
CA. Manu
+971 502828727
manu@emiratesca.com

Emirates Chartered Accountants Group continuously delivers results on projects and provides a high quality of service. The engagement teams are knowledgeable, extremely responsive and professional. As promised, they consistently spend the extra time tailoring every request and deliverables to our needs to minimize the time required by us.

Mr. Jashvant Prajapati
Senior Business Development Manager, SHURAA

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