VAT ACCOUNTING IN BAHRAINVAT 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.
• 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
SuaveBesto Accountant www.suavebesto.com is one of the group company of Emirates Chartered Accountants Group www.alnuaimiauditors.com headquartered in Dubai, UAE. We are the leading Auditors, Accountants, Tax Consultants & Management Consultancy firm in the UAE having branches in all the Emirates. In the UAE we are approved Auditors in all the Free zones and listed in all the major banks of UAE.