While implementing a five percent VAT alone is unlikely to transform the Bahraini economy, it nevertheless serves as a symbolic gesture that Gulf aid to Bahrain is neither unconditional nor limitless.

It remains to be seen how long these capital flows will continue and whether or not they can achieve sustainable economic results in the kingdom. The NBR has released an economic activity guide (25-page / 865KB PDF) setting out what is and is not viewed as representing an 'economic activity' within Bahrain, and therefore within the scope of the VAT regime. Regional Links.

Neither rebounding oil prices in 2018 nor a promising oil and gas discovery gave Bahrain sufficient capital to address these immediate fiscal challenges.

The guide sets out the basic conditions required in order for the TOGC rules to apply to the transfer of a business, or part of a business, for VAT purposes in Bahrain.

The NBR has also published a new guide on economic activity, as well as a very timely new guide on transfer of going concern (TOGC) given the current climate of businesses reorganisations due to economic pressures.

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Qatar remains in a strong fiscal position despite the Saudi-led economic and diplomatic blockade, and exhibits a substantial degree of economic and political autonomy when compared to Bahrain. The phased disbursement of the aid package over the next five years can help the Bahraini government soften the impact of austerity by delaying certain measures or introducing new distributive mechanisms, such as providing entrepreneurial funding for retired government employees. Gulf Cooperation Council (GCC), political and economic alliance of six Middle Eastern countries Saudi Arabia, Kuwait, the United Arab Emirates, Bahrain, and Oman. The NBR has also released a brief clarification on how the temporary Loan Repayment Holiday should be dealt with from a VAT perspective. The eGovernment National Portal - Kingdom of Bahrain, provides a one-stop shop that facilitates the access to government Information and eServices.

Businesses are prompted to use the standard due date rules in relation to the earlier of: In the absence of any of the above occurring for any particular credit granted by a financial institution due to extended payment terms, VAT must at a minimum by accounted for at the end of a 12-month period. The first installment of the aid package, which consists of $2 billion and should be delivered by the end of 2018, will afford Bahrain’s government the monetary maneuverability to avoid a full-blown financial crisis in the short term. In particular, the fiscal support reflects a broader strategy to realign Bahrain’s domestic reform agenda with key regional initiatives, such as the implementation of the value-added tax (VAT) and reduction of subsidies. The real estate and capital assets sectors of the guide are also warmly welcomed, as the transfer of property as part of a deal can have particularly complex VAT implications.

The guide walks businesses in these sectors through all of the basic VAT concepts and principles and how they specifically apply to the types of activities often seen in this sector. 1763 N St. NW, Washington D.C. 20036. Substantial capital flows in the form of financial aid packages increasingly reflect the new realities of the region. Previous financial support for Bahrain––notably the $10 billion aid package in 2011––leveraged economic development funding to address bottom-up, socioeconomic grievances that had escalated into political demonstrations and violent protests. ... KINGDOM OF BAHRAIN.

Copyrights © 2014- The NBR's new guide to transfer of going concern (TOGC) (27-page / 739KB PDF) is particularly timely, given the impact of Covid-19 and the price of oil on the Bahrain economy. Building a private equity-backed micro city, Delivering democratized investment for AJ Bell, Establishing the Mindful Business Charter, Helping an English Premier League club win, Leveraging legal tech to respond to privacy concerns, Paving the way for autonomous last-mile delivery, Using voice technology in financial services, International arbitration in construction, Joint ventures – Delivering infrastructure projects, guide to transfer of going concern (TOGC), Pensions risk transfer market resilient against Covid-19, The importance of substantiating green claims in advertising, Getting your IP in order: stay in control of ownership, Bahrain updates guidance on VAT treatment of real estate, Bahrain clarifies VAT on education and simplifies returns, See our Cookie Policy for more information, valuation principles when dealing with bundled supplies, discounts, rebates and more, with a specific reference to. Persistently low oil prices since late 2014 and declining crude oil production have taken a toll on Bahrain’s public finances, which depend on hydrocarbons for approximately 75 percent of government revenues. The new austerity program includes a public-sector retirement scheme intended to trim the number of costly government employees, new corporate taxes, a review of state spending on water and energy subsidies, and a reduction in cash subsidies to citizens. Out-Law Analysis | 01 Oct 2020 | 9:03 am |

GCC Power 2014 Bahrain.

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