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Bahrain to Implement VAT effective January 1, 2019

edited Dec 23, 2019 11:43PM in Accounting / ERP 1 comment
Bahrain to Implement VAT effective January 1, 2019
  
This notice is intended for customers with a Bahrain subsidiary or having a Bahrain company address.

The Kingdom of Bahrain will introduce Value Added Tax (VAT) at a standard rate of 5% effective January 1, 2019. We recommend NetSuite users to manually set up their tax codes for Bahrain to support the implementation of VAT in the system.

What is Changing?

Effective January 1, 2019, supply of all goods and services made in Bahrain as well as imports are subject to a standard 5% VAT.

In addition, other goods and services from certain transactions and sectors are considered zero-rated or exempt supplies.

Regards,

@Robert Nedelkow-Oracle | NetSuite Support Community Administrator

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