NBR holds workshop on VAT
The National Bureau for Revenue (NBR) held two interactive workshops recapping general and sector-specific VAT concepts, including invoicing and filing. Following a ques - tion-and-answer session, 202 attendees representing 121 entities were given the opportunity to visit the unique interactive demo-centre that provides innovative learning experiences to ensure effective implementation of VAT.
The workshops are a continuation of a series of workshops organised by the NBR to provide an inclusive platform for all stakeholders from the public and private sector in order to increase businesses’ awareness of VAT return filing procedures ahead of deadlines. For further information, please contact the Call Centre on 80008001 or email firstname.lastname@example.org, in addition to leveraging the information available on NBR’s website (www.nbr. gov.bh), Instagram, Twitter and YouTube channel (@ bahrainNBR).
Tribune yesterday reported that car loans issued by different banks in the Kingdom dropped by more than 10 per cent after the implementation of Value Added Tax (VAT) since the beginning of the current year, latest figures showed. According to the statistics released by the Central Bank of Bahrain, auto loans have declined by 10.3pc in the first half of 2019, in comparison with the same period last year.
VAT was implemented on January 1, 2019, at a rate of five per cent and it covers 95 commodities including foodstuff, automobiles and utility services. The drop in car loans is directly linked to decline in car sales and according to a recent report, the implementation of VAT has had an impact on the automobiles market. Economic experts have opined that this trend is temporary and “car sales will be back on track after a few months”.