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Welcome to the latest edition of Law Update titled “Rise of Generative AI.”
In this edition, we dive into the dynamic world of Technology, Media, and Telecommunications (TMT) across the Middle East and North Africa (MENA) region. TMT continues to play a vital role in positioning the region as an international business and social hub, driving significant growth and innovation.
Our focus in this Law Update is on the sector’s ongoing potential to advance and propel the region toward a more digital economy. We explore the benefits of embracing a digital transformation and how local authorities have responded by enhancing regulations to accommodate the evolving TMT landscape.
This edition covers a range of topics, including – the new Telecommunications & Information Technology Law in Saudi Arabia, the intricacies of trademarks in the Metaverse, and the legal challenges faced by the video game industry. Additionally, we take a regional perspective, discussing jurisdictions such as Kuwait, Saudi Arabia, UAE, Oman, and Bahrain to provide a comprehensive understanding of the TMT landscape.
We hope you thoroughly enjoy this packed issue of Law Update, filled with captivating articles that address key legal issues within a vital sector for the region.Read the full edition
The Bahrain Ministry of Finance (MoF) has recently announced that VAT registration will be carried out in three different phases, depending on the value of the businesses’ annual supplies. The three registration phases are as follows:
VAT registration deadline
Effective date of registration
|Exceeding BHD 5 million||
20 December 2018
1 January 2019
|Exceeding BHD 500,000
but less than BHD 5 million
20 June 2019
1 July 2019
|Exceeding BHD 37,500
but less than BHD 500,000
20 December 2019
1 January 2020
This announcement follows the MoF’s previous announcement that the first phase of VAT registration will be limited to companies with BHD 5 million annual sales.
Businesses with an annual taxable turnover exceeding the voluntary registration threshold of BHD 18,750 may register for VAT on a voluntary basis.
Further, in a recent meeting held by the MoF with tax advisors on VAT implementation, the MoF has confirmed that the VAT regulations will be issued before the end of this month. In addition, the MoF provided additional details on the following issues:
Businesses should consider the VAT treatment of their transactions to ascertain whether they are required to register for VAT. While the postponement of VAT registration for some companies will give businesses additional time, businesses should consider whether they should register for VAT in order to recover VAT incurred on their procurement.
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.
Senior Tax Advisor
Partner, Head of Office – Bahrain
Rad El Treki
Head of Corporate Structuring – Bahrain
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