Jamal Fakhro Discusses Gradual Application of VAT
2018-12-29 - 8:57 م
Bahrain Mirror: Shura Council first vice-chairman Jamal Fakhro said that the Value Added Tax (VAT) will be applied gradually, not comprehensively, during 2019.
He noted that as of next January, the VAT will be applied to the consumer if he buys a good or service from companies and institutions of income of up to 5 million dinars or more, and that any other institution whose income is less will not be obliged to register in the first stage.
"The second phase of VAT is mandatory for enterprises and companies with incomes of more than 500,000 dinars in June, while it will be mandatory for companies with income of 37,500 thousand dinars to register to collect VAT by 2020," Al-Ayam newspaper reported him as saying.
He stated that in the early stages of application, many shops won't apply the tax, as if postponing it for one year for general application to consumers in 2020.
Bahrainis expressed via social media outlets their refusal of the VAT amid the difficult economic conditions they live in.
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