Finance and National Economy Ministry holds VAT workshops

Manama, Dec.18 (BNA): The Ministry of Finance and National Economy held 10 workshops last week highlighting the technical and procedural aspects of the newly introduced Value Added Tax (VAT), effective as of January 1, 2019, at a standard rate of 5%. The extensive series of workshops aim to increase large businesses’ awareness, knowledge and understanding of the newly introduced VAT across a range of sectors including financial, retail and wholesale, manufacturing, construction, real estate, health, education, among other key sectors. A total of 755 participants representing more than 400 public and private enterprises attended the workshops during which VAT related questions were answered and a comprehensive briefing on the newly introduced VAT procedures, exemptions, and legal framework, underpinned by a unified VAT Agreement approved by the Gulf Cooperation Council Summit and in line with best global practices.