Bahrain VAT Returns
VAT Invoicing, accounting & returns reporting software.
برنامج جاهز لضريبة القيمة المضافة
Bahrain VAT returns filing form would seek data that a typical VAT return filing form requires i.e., output and input VAT needs to be provided on the Bahrain VAT returns forms.
Manually calculating VAT liability on regular basis is an overwhelming job. Support of a robust software tool for precise VAT tracking is must. For calculating and submitting VAT returns it is important to first consolidate and categories sales and purchase. Bahrain VAT returns form would have features to consolidated sales & supplies and these must be further categorized into the following:
1. Standard rated sales
2. Sales to registered taxpayers in other GCC states
3. Sales subject to domestic reverse charge mechanism
4. Zero rated domestic sales
5. Exports
6. Exempt Sales
7. Total Sales
Similarly, purchases & expenses must be further grouped by a VAT ready software into the following:
8. Standard rated domestic purchases
9. Imports subject to VAT either paid at customs or deferred
10. Imports subject to VAT accounted for through reverse charge mechanism
11. Purchases subject to domestic reverse charge mechanism
12. Purchases from non-registered suppliers, zero-rated/exempt purchases
13. Total purchases
14. Total VAT due for current period
15. Corrections from previous period (between ±5000BHD)
Accounting software that is VAT compliant should also be able to create a Bahrain VAT form automatically. The VAT form designed by the tax authority of Bahrain requires consolidated information of VAT collected on sales i.e., output VAT and VAT paid on purchases that is input VAT. The difference of output and input VAT gives the VAT liability.
There are quite a few Bahrain VAT returns preparation software services in the market but very few are exhaustive. Most of the software are very basic and do not have features to track import VAT and VAT under reverse charge.
Our recommendation to small businesses is choose a software that is truly a Bahrain VAT returns filing and accounting software. The software should be easy to use and affordable. It should let you export or download the VAT data in excel or PDF. The user of such software should need no support from a VAT consultant and should be able to file VAT returns on own.
Manually calculating VAT liability on regular basis is an overwhelming job. Support of a robust software tool for precise VAT tracking is must. For calculating and submitting VAT returns it is important to first consolidate and categories sales and purchase. Bahrain VAT returns form would have features to consolidated sales & supplies and these must be further categorized into the following:
1. Standard rated sales
2. Sales to registered taxpayers in other GCC states
3. Sales subject to domestic reverse charge mechanism
4. Zero rated domestic sales
5. Exports
6. Exempt Sales
7. Total Sales
Similarly, purchases & expenses must be further grouped by a VAT ready software into the following:
8. Standard rated domestic purchases
9. Imports subject to VAT either paid at customs or deferred
10. Imports subject to VAT accounted for through reverse charge mechanism
11. Purchases subject to domestic reverse charge mechanism
12. Purchases from non-registered suppliers, zero-rated/exempt purchases
13. Total purchases
14. Total VAT due for current period
15. Corrections from previous period (between ±5000BHD)
Accounting software that is VAT compliant should also be able to create a Bahrain VAT form automatically. The VAT form designed by the tax authority of Bahrain requires consolidated information of VAT collected on sales i.e., output VAT and VAT paid on purchases that is input VAT. The difference of output and input VAT gives the VAT liability.
There are quite a few Bahrain VAT returns preparation software services in the market but very few are exhaustive. Most of the software are very basic and do not have features to track import VAT and VAT under reverse charge.
Our recommendation to small businesses is choose a software that is truly a Bahrain VAT returns filing and accounting software. The software should be easy to use and affordable. It should let you export or download the VAT data in excel or PDF. The user of such software should need no support from a VAT consultant and should be able to file VAT returns on own.