NBR Alerts Taxpayers to Revised Use of 5% VAT Sales Field

Bahrain, 9 September, 2024 : The National Bureau for Revenue (NBR) has notified taxpayers about recent changes in VAT return reporting. Taxpayers who have reported sales or adjustments for standard-rated sales at 5% in their VAT returns for recent tax periods are affected. 

The NBR has emphasized that the transitional provisions for the VAT rate increase, which were in place until December 31, 2022, are no longer applicable. As a result, the use of the field for standard-rated sales at 5% is now restricted to specific cases. 

Taxpayers who previously used this field for standard-rated sales at 5% without valid reasons are urged to self-amend their VAT returns to ensure compliance.

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Source : www.vatupdate.com