Bahrain: Reporting sales and corresponding adjustments at 5% in VAT return form re-enabled
Re-enabling of field for standard rated sales at 5% and corresponding adjustments / apportionment in VAT return form
Reporting sales and corresponding adjustments at 5% in VAT return form re-enabled
The National Bureau for Revenue (NBR) sent an email to taxpayers regarding re-enabling of the field for standard rated sales at 5% and corresponding adjustments/apportionment in the value added tax (VAT) return form. Taxpayers will now be able to report sales and corresponding adjustments at 5% in the VAT return form.
The NBR confirmed that taxpayers who intended to report sales at 5% or corresponding adjustments/apportionment in their VAT returns for the January and February 2023 tax periods will be required to login to the NBR portal and self-amend their returns. This is also applicable for taxpayers who have reported such transactions under other fields of the VAT return.
Taxpayers will also be required to fill and submit a self-amendment reporting form which will be available on the NBR portal until 30 April 2023. The NBR has clarified that the self-amendment forms submitted by taxpayers will be reviewed in May 2023, and any administrative penalties imposed because of the self-amendment will be rectified without submitting a review request to the NBR Reviews and Appeals Section.
Read an April 2023 report [PDF 138 KB] prepared by the KPMG member firm in Bahrain
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.