NBR releases an updated version of the Imports and Exports VAT Guide
The National Bureau for Revenue (NBR) in Bahrain released the second updated version of the Imports and Exports VAT Guide.
The updated version of the Guide provides clarification on claiming excess import VAT paid at customs for persons not registered for VAT in Bahrain.
The updated guide states that if the importer of goods notices that the import VAT amount payable is incorrect due to an error in classification or in value, he should raise this with Bahrain Customs Affairs before making the payment of this import VAT. In some cases, an amendment may need to be made to a customs declaration after clearance of the goods.
If the amendment results in an overpayment of VAT, this can be recovered from the NBR for both VAT registered and non-VAT registered persons. A VAT registered person may recover the amount of overpaid import VAT as input tax in his VAT return. The updated guide confirms that persons who are not registered for VAT may make a claim for the overpaid amount directly from the NBR.
Guide issued on penalty waiver initiative extension
The General Authority of Zakat and Tax (‘GAZT’) issued a guide which illustrates the scope of taxes, types of penalties and tax periods covered under the recent resolution issued by the Minister of Finance to extend the application of the tax amnesty initiative for an additional six months (up until 30 June 2021).
In addition, this guide provides some clarification on the conditions that should be met in order to avail benefit from the extended initiative.
VAT Registration Manual Guide
On 1 February 2021, the Oman Tax Authority released the VAT Registration Manual Guide stating the information/ documents required to be provided and steps for submitting the VAT registration application.
The portal is now live for submitting the VAT registration application. Oman has introduced threshold based phased VAT registration for businesses.
The registration application is required to be filed online on the Oman Tax Portal, using the login credentials of the principal officer of the Company. The following persons can start submitting the registration application during the period - 1 Feb 2021 - 15 Mar 2021. The effective date of registration for such persons will be 16 April 2021:
1. Taxable person whose annual supplies exceed or expected to exceed OMR 1,000,000 (mandatory registration)
2. Taxable person whose annual supplies or expenses exceed or expected to exceed OMR 19,250 (voluntary registration)
Period to be considered for actual annual supplies: 1 Nov 2019 to 31 Oct 2020 Period to be considered for expected annual supplies: 1 Oct 2020 to 30 Sep 2021