*** ----> NBR steps up VAT and excise compliance efforts | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

NBR steps up VAT and excise compliance efforts

TDT | Manama     

The Daily Tribune – www.newsofbahrain.com

The National Bureau for Revenue (NBR) is intensifying its efforts to ensure businesses comply with Value Added Tax (VAT) and Excise regulations, including the Digital Stamps Scheme.

This commitment was reasserted following a series of inspection visits conducted across local markets in the Kingdom during the first quarter of 2024.

In the course of these expeditions, the NBR executed no fewer than 343 visits, with a vigilant eye towards the compliance and raising awareness about VAT and Excise regulations.

These efforts led to the identification of 36 VAT-related violations, resulting in the imposition of administrative fines under the VAT Law.

The violations included failures to comply with invoice requirements, display VAT-inclusive pricing, and visibly display VAT certificates.

Additionally, the NBR uncovered several suspected cases of VAT or Excise evasion.

Penalties Legal action will be taken against the violators, with those proven guilty facing severe penalties, including imprisonment for up to five years and fines of up to three times the evaded VAT amount, or one year’s imprisonment and double the evaded Excise amount.

The NBR emphasised the importance of collaboration between businesses and consumers in ensuring successful compliance.

They urge all parties to report any suspected VAT or Excise violations through the NBR call centre at 80008001, the National Suggestions & Complaints System (Tawasul), or via email through vat@nbr.gov.bh.

Commitment The NBR’s commitment to enforcing VAT and Excise regulations is crucial for maintaining a fair and transparent business environment in Bahrain.

Businesses are advised to familiarise themselves with the relevant regulations and ensure compliance to avoid penalties.

Likewise, consumers are entrusted with a pivotal role in the vigilance against suspected infractions, thereby bolstering the NBR’s noble efforts.