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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
The Bahrain Ministry of Finance (MoF) has announced that businesses with an annual turnover exceeding BHD 5 million must register for VAT before 1 January 2019.
However, the MoF announcement did not confirm that businesses with an annual turnover below this amount, but in excess of mandatory registration threshold, are not required to register by 1 January 2019. It may be implicit from the MoF announcement that such businesses may not be required to register by 1 January 2019.
It is not clear at this stage whether businesses that are seeking to register on a voluntary basis will be able to register by 1 January 2019.
The MoF has already contacted a few businesses requesting information and requiring the submission of a form for VAT registration purposes. A VAT registration timetable and more details on the VAT registration process are expected to be issued shortly.
Businesses should consider the VAT treatment of their transactions to ascertain whether they are required to register for VAT. Given that there is less than five weeks for the implementation of VAT in Bahrain, it is important that businesses should commence their preparation for VAT immediately.
Al Tamimi can advise you on whether you are required to register for VAT and assist you with a VAT impact assessment or perform a second review to confirm the VAT treatment of your transactions. Please click here for our brochure on VAT implementation in Bahrain.
Please do not hesitate to contact Al Tamimi’s Tax Team if you require any assistance.
To learn more about our services and get the latest legal insights from across the Middle East and North Africa region, click on the link below.