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Tax and Compliance Services - Bahrain Audit and Consulting Firm Skip to main content Skip to search

Tax and Compliance Services

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  • Tax and Compliance Services

Value-added Tax Law (VAT Law) Compliance

Our VAT related services help you with the following:

  • Gain true understanding of VAT Law
  • Deal with complex transactions that you are not sure about their appropriate VAT treatment or their VAT implications
  • Proper VAT Return preparation and filing
  • Tax planning and cash flow management for tax purposes

We can help you tackle such obstacles, from assessment, through implementation and registration, to return preparation and submission. We can also help you address VAT issues such as audit requirements by the NBR and waiving VAT penalties. In all cases, you can book a face-to-face consultation with us to discuss various aspects of the law that may be applicable to your entity.

 

Our services include:

  • VAT Assessment for Requirement to Register
  • VAT Registration Application Submission
  • VAT Implementation
  • VAT Return Preparation, Review & Filing
  • Assessment of Contracts/Transactions for VAT Compliance and Implications
  • VAT Treatment Assessment for Supplies & Purchases (whether day-to-day transactions or one-time transactions)
  • NBR VAT Audit Handling
  • Automation of VAT Return Preparation
  • Tax Planning & Cash Flow Management Consultancy
  • VAT Credit Claim/Refund Application – for non-resident suppliers
  • VAT Liability Settlment (for non-online payments)
  • Review & Service Requests Submission
  • VAT Payer Information Update
  • Submission of VAT Enquiries
  • VAT De-registration Application
  • Exemption from Registration Application
  • Surrender of Economic Activity and Transfer of a Going Concern.
  • Submission of Domestic Reverse-charge Mechanism Application
  • Submission of Profit Margin Scheme Application
  • Valuation of Supplies (e.g. in-kind supplies, fair value determination, profit margin scheme, composite vs multiple supplies, vouchers & effect of government subsidies)
  • Arrangement for Self-issued VAT Invoice
  • Guide on Apportionment of Input VAT
  • Recovery of Input VAT on Pre-VAT-Registration Purchases
  • Face-to-face General Consultation on Compliance with VAT Law (excluding assessments of cases, contracts or transactions)

Corporate Governance (CG)

Corporate Governance has gained a significant importance over the last years to the extent that its absence reduces the perceived value of a company remarkably. Corporate Governance can be defined as “a methodology to lead, guide and control the company’s business. It includes mechanisms to regulate the various relationships between the Board of Directors, executives, shareholders and stakeholders by establishing special rules and procedures to facilitate decision making as well as follow-up foundations to evaluate and monitor performance and to ensure transparency and credibility, for the purpose of protecting the rights of shareholders and stakeholders and achieving justice, competitiveness and transparency.” [Bahrain Corporate Governance Code]

Every company needs corporate governance, and your business is no exception. We can establish this for you.

 

Our services include:

  • Preparation and Implementation of Corporate Governance Manual/Charter/Guidelines.
  • Review of Corporate Governance Manual/Charter/Guidelines for Compliance with Bahrain Corporate Governance Code.
  • Annual Corporate Governance Report

Ultimate Beneficiary Ownership (UBO)

In accordance with the Ministerial Order Number No. 83 of 2020, the Ultimate Beneficiary Owner is defined as “the natural person(s) who ultimately owns or controls a registered person and/or the natural person(s) on whose behalf a transaction is being conducted. It also includes person(s) who exercise ultimate effective control over a legal person or arrangement.”

 

If you need an assessment to properly identify and assign the Ultimate Beneficial Owner (UBO) of your company, then we are here to help.

 

Our services include:

  • Ultimate Beneficial Owner (UBO) Assessment.
  • Ultimate Beneficial Owner (UBO) Registration.

Economic Substance (ES)

The Ministerial Order No. 106 of 2018 Concerning Economic Substance Requirements was issued in order to meet the European Union criterion 2.2 and Base erosion and profit shifting (BEPS) Action 5 minimum standard. The Action 5 minimum standard concerns the OECD work on harmful tax practices, covering compliance of preferential tax regimes (with a focus on substantial activities) and spontaneous exchange of information of certain tax rulings. The Action 5 minimum standard further requires implementation of substantial activities requirements in “no or only nominal tax jurisdictions” (also known as “Economic Substance Requirements (ESR)”) to be applied to businesses in scope.*[quoted from National Bureau of Revenue]

 

If your Company is required to comply with Economic Substance Reporting due to practicing a related activity or if you are not sure if you have to comply with this requirement, or if you would like to verify that none of the activities you perform lack sufficient evidence to prove economic substance, we can support you making the necessary assessment to appropriately prepare and submit the Economic Substance Return (ESR).

You will likely be required to submit the ESR if you have one or more of the following activities:

  1. Distribution and service center activities
  2. Headquarters activities
  3. Holding company activities
  4. Leasing activities
  5. Shipping activities
  6. Intellectual property activities in Bahrain
  7. Banking activities
  8. Financing activities
  9. Insurance activities
  10. Investment activities
  11. Fund administration activities

Avoid suspension of your CR, strike off, financial penalties and criminal prosecution by proper and timely submission of the return.

 

Our services include:

  • Economic Substance Assessment at Entity-level (applicability test, adequacy test, management test & outsourcing test)
  • Economic Substance Assessment at Specific-level (activity-level, contract-level and transaction-level)
  • Preparation, Review & Submission of Economic Substance Return (ESR)