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Find out moreThe first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.
Read the full editionThe 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:
Annual supplies |
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.
Key Contacts:
Shiraz Khan
Senior Tax Advisor
s.khan@tamimi.com
Foutoun Hajjar
Partner, Head of Office – Bahrain
f.hajjar@tamimi.com
Rad El Treki
Head of Corporate Structuring – Bahrain
r.eltreki@tamimi.com
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