/** * 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 */ ?>
The taxpayer is required to submit details of transactions related to taxable sales and purchases by submitting an electronic VAT Return Form. The submission of the VAT Return Form is commonly referred to as VAT return filing.
The first VAT return in Bahrain is due on 30th April, 2019 for the tax period April to March, 2019. This will be filed by the businesses whose annual supplies are more than 5,000,000 BHD and have registered under Bahrain VAT by 31st December, 2018. Click Here to read more about the VAT return filing Period and VAT return due date.
The VAT Return Form is an electronic form in which the taxpayer needs to summarize the details of the total output tax due and the total input tax recoverable for a given tax period. All the details need to be filed electronically by logging into the National Bureau for Revenue (NBR).
The following are the steps to file VAT returns in Bahrain.
VAT return forms can be amended in cases of errors within 30 business days from the date the Taxable Person became aware of the error on his VAT Return Form, and prior to NBR commencing supervision and inspection procedures. To submit an amended VAT Return Form, the same steps as the submission of a VAT Return Form (discussed above) can be used.
The Bahrain VAT return filing requires the details at a summary level meaning the consolidated details of Sales, Purchase/expenses, output VAT, and Input VAT. More importantly, these details need to be furnished in the format prescribed by NBR (check tax invoice format in Bahrain). It will be highly difficult for businesses to manually collate and compile transactions for filing VAT Returns and by doing so, you will be running the risk of missing deadlines and errors which will eventually lead to non-compliance and attract hefty penalties.
Thus, it is a must for businesses to have the right tax accounting software which will not only help you to account for your VAT transactions but also triangulate your business records to generate the accurate VAT Return in the prescribed format.
Read more on Bahrain VAT
VAT in Bahrain, VAT Invoice in Bahrain, Vat Return in Bahrain, VAT Return Format in Bahrain, What is VAT and how does it work in Bahrain, 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
Read more on Bahrain VAT Registration
VAT Registration in Bahrain, VAT Registration Deadline in Bahrain
How Businesses in Oman Can Manage Budgets in TallyPrime Accounting Software?