Forty trading outlets inspected; 15 VAT violations reported
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Forty trading outlets inspected; 15 VAT violations reported
Manama, July 6 (BNA): Fifteen Value Added Tax (VAT) violations have been reported in the Kingdom of Bahrain. Violators found in breach of regulations could face fines of up to BD10,000, as per the provision of the law on Value Added Tax.
A total of 40 commercial establishments have been inspected countrywide by officials from the Industry, Commerce and Tourism Ministry and the National Bureau for Revenue (NBR).
The clampdown aims to check the compliance of commercial outlets with the readjusted value-added rate, and raise awareness of the mechanisms to be followed in a manner that mainly ensures the interests of consumers.
Legal proceedings are underway against the VAT violators and those, while those found guilty of tax evasion can be jailed for five years and fined three times the amount evaded.
The ministry and the National Bureau of Revenue the NBR stressed the importance of concerted efforts of all parties to ensure the success of the modified VAT rate, which took effect early this year.
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