What is a Tax Audit? Tax Audit is basically the verification of the accounts of any taxpayer to make sure that the accounts are in compliance with the tax regulations.Tax Audits in Bahrain are conducted by the National Bureau for Revenue (NBR), which is responsible for the enforcement of tax laws in Bahrain. Key factors …
An audit simply means to evaluate and comment on the items that have been confirmed. Financial auditing entails going over the books of accounts and other pertinent information. This will provide the auditor with the information he needs to determine whether the accounts have been properly maintained and whether the appropriate statutory, accounting for financial …
COMPANIES REQUIRED TO SUBMIT AUDITED FINANCIALS IN BAHRAIN Read More »
Businesses that supply products or services must register for VAT as a necessary requirement. The final consumer is ultimately responsible for paying VAT, which is a consumption tax that is included in the cost of products and services at every stage of the supply chain. Businesses who register for VAT can collect and submit VAT …
VAT Registration: One of the primary challenges that businesses face is understanding the VAT registration process and meeting the requirements for registration. This includes understanding the thresholds for registration, how to obtain a Tax Registration Number (TRN), and the necessary documentation required for registration. VAT Compliance: Another challenge for businesses is ensuring that they remain …
What are the most common VAT challenges for businesses? Read More »
The advantages of undertaking a business external audit are numerous. Some common benefits are listed below: 1.External Audit is useful when it comes to understanding the business:All the information regarding the business will be provided by the auditor. The report thus prepared will be applicable at many levels by the business investors and the company …
RELEVANCE OF EXTERNAL AUDIT IN RUNNING A BUSINESS Read More »
Following the registration of a company, the company must adhere to several regulations. Conducting an audit is one of these requirements that all businesses, regardless of size or industry, must adhere to. A company audit entails checking the accuracy of its books of accounts. An audit of a company’s financial statements is intended to allow …
Getting ready for an audit?Examine the relevant documentation. Read More »
Bahrain has imposed taxes for the first time as of January 1, 2019. (except for consumer taxes). The introduction of VAT, as in most tax systems, was the first step. At first, the VAT rate was set at 5%. After two years, the decision was made to raise the VAT rate to 10%, which went …
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