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VAT on farmhouse

Farmland is normally be considered to be commercial land, i.e. not “bare” land, as it is normally covered with infrastructure or civil engineering works required to make it operational as a farm e.g. irrigation systems, roads, utility connections, etc. Farmland which...

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Sale of imported goods under Expo 2020 Dubai

It should be noted that the Official Participant must register for VAT if the value of their taxable supplies or imports (for commercial or non-official purposes) in the UAE exceeds, or is anticipated to exceed, the mandatory registration threshold of AED 375,000. For...

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Refund of eGuarantee in case of loss of imported goods

VAT 702 is a form provided by the Federal Tax Authority (“FTA”) pursuant to which a nonregistered importer notifies the FTA to either cancel or liquidate an eGuarantee or to refund or collect an eDirham deposit. In line with the relevant legal provisions, there would...

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Refund of eGuarantee and eDirham by non-registered importer

VAT 702 is a form provided by the Federal Tax Authority (“FTA”) pursuant to which a nonregistered importer notifies the FTA to either cancel or liquidate an eGuarantee or to refund or collect an eDirham deposit. In line with the relevant legal provisions, there would...

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Procedure to file refund under VAT form 702

How to file VAT 702? VAT 702 is a form provided by the Federal Tax Authority (“FTA”) pursuant to which a nonregistered importer notifies the FTA to either cancel or liquidate an eGuarantee or to refund or collect an eDirham deposit. When should you submit a VAT 702?...

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VAT refund to tourists in Bahrain

VAT TOURIST REFUND SCHEME Tourists to the Kingdom of Bahrain may claim a refund on the VAT paid on purchases made within the country, in accordance with Article 89 of the executive regulations. VAT can be reclaimed at a dedicated desk located in Bahrain International...

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VAT refund for participants of Expo 2020 Dubai

The method for claiming a VAT refund on the four categories of expenses will differ depending on whether or not the Official Participant is registered for UAE VAT. Four categories of expenses eligible for a refund are: The VAT incurred by the Official Participant on...

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VAT registration – Second phase in Bahrain

All entities subject to VAT or expected to generate between BHD 500,000 and BHD 5,000,000 in annual supplies are required to obtain VAT registration by June 20th, 2019. Steps for Registration In order to register for VAT, you must follow five key steps: Create an NBR...

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Certificate of Refund Entitlement for Expo 2020 Dubai

What is the Certificate of Refund Entitlement? An Official Participant of the Expo 2020 Dubai (both registered and not registered for VAT) must apply for a Certificate of Refund Entitlement before attempting to reclaim VAT on Goods and Services without the need to use...

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How to compile data for VAT return?

How to file VAT Return? The VAT Return Form is the official document summarizing for a given tax period, the total output tax due and the total input tax recoverable. The form is the same, whether a taxpayer is subject to quarterly tax periods or monthly ones....

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VAT on currency conversion services in Bahrain

A financial service will be exempt from VAT if the income earned by the supplier is by way of interest, a profit margin akin to interest or by way of an implicit margin. The implicit margin condition is usually met when the supplier specifically seeks to generate...

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Scope of VAT in Bahrain

Tax is imposed on all Taxable Supplies by a Taxable Person in the Kingdom. It is also imposed on Goods and Services received by the Taxable Customer in instances where the Reverse Charge Mechanism applies. It is also applicable to Import of Goods in accordance with...

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