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Sultnate of Omat has gradually applied VAT at 5% standard rate starting from 16/04/2021

Bahrain:

Standard VAT rate has been modified in Bahrain from 5% to 10% starting from 01/01/2022

General Authority for Zakat & Tax (GAZT) in Saudi Arabia has lately announced E-invoicing implementation schedule and technical requirements.

All entities subject to E-invoicing resolution should fully comply to technical requirements and implementation schedule as requested by GAZT (starting Dec. 04, 2021).

Worthy to note that our V4G system (recognized by GAZT) complies with all requirements of GAZT set so far and that all invoices currently issued by our system are correct tax E-invoices. Our technical teams are currently working on developing link mechanism to GAZT portal (API) and adding additional E-invoice requirements, so that our system will be ready to link ambient time before GAZT's announced dates.

GAZT announced in May 11th, 2020 that it decided to increase the Basic Tax Rate from 5% to 15% in Saudi Arabia for all supplies subject to basic tax rate starting on July 01st, 2020. Later, it also issued a guide for the transitional period (ending June 30th, 2021) for contracts & continuous supplies started before this decision date (May 11th, 2020).

We'd like to draw attention of our clients in Saudi that our V4G system is automatically updated once such change happens... They have to do literally "NOTHING". Our system automatically updates itself once logged to the main system and (Current Update Version will be 2.92) which will be active starting from July 01st, 2020. So, no worries at all... continue with your business just as usual before, in or after July 01st, 2020... V4G handles the job.

VAT implementation in Bahrain requires all businesses to take serious actions… failure to comply with "all" VAT requirements; registration, issuing specified tax invoices, keeping records as required by tax authority (NBR), submitting "correct" VAT returns in time and being always 100% ready for tax audit, exposes businesses to big fines, loss of business and may expose some to 'tax evasion' which may -in turn- lead them to jail !!!

Taking into consideration that hiring a tax agent, which is recommended in some cases, doesn't relief businesses from their responsibilities.. and NO one should take the risk using traditional (legacy) ERP/ accounting system and/or spread sheets that WILLN'T cover business new tax obligations anymore (it is much more than just adding 5% to invoices). Therefore, our experts worked hard on the Bahrain version of VAT4G accounting/invoicing system (also abbreviated as V4G), which was launched to assure businesses 'seamless' full compliance with tax regulations/ IFRS (International Financial Reporting Standards) in addition to handling their regular invoicing/ accounting tasks.

Save your money, time, effort, avoid mistakes and never expose your business/yourself to risks... we help you do that & guarantee you tangible & quick ROI. e.g.: (VAT4G helps you save a lot by recovering VAT you paid even before registration – since 01/01/2019 – if you act fast... The amount you could recover is likely much more than what our license costs…)

Some VAT4G Features:

-Regardless of business nature & complexity of transactions, VAT return is just a click away in V4G system.

-Many types of VAT invoices available that suit many types of businesses (including import, export, capital assets, profit margin….etc.)

-Automatically handles tax adjustments… and allow manual adjustments too.

-Bi-lingual system English/Arabic… and supports all known currencies.

-At your own discretion, V4G system could work on a Local Area Network or over the internet.

-Auto-update feature is available to assure compliance with future changes in VAT regulations.

-User friendly… with a lot of help info.

-Highest value… best price … annual/ and 4 years subscription schemes.

-Free life-time basic support (local/remote).

Kindly surf this for more information, system features, brochures, videos and free trial demo.

Don't hesitate to reply if you have a query/suggestion. You could use our contact info available in the contact page of website… Our team will get back to you a.s.a.p.