VAT Accounting Services in Bahrain
Accounting for the VAT component of a business entity is known as VAT accounting. Under Tax Law, it becomes mandatory for every taxable person to have a book of records, which necessitates availing Best VAT Accounting services in Bahrain and thorough documentation from a Top VAT Accounting firm in Bahrain.
Best VAT Accounting services in Bahrain reduces tax burden & aid in identifying the consumption tax that must be paid promptly and keeping such records is now required on a global scale. As per a Top VAT Accounting firm in Bahrain, accounting for recording the Value Added Tax occurring from business transactions is known as VAT accounting. There are two types of VAT- Input VAT & Output VAT.
Classification of VAT
The three different types of VAT are:
1. Standard Rate
Most of the goods and services have been subject to a 5% standard tax. These include things like electronics, cars, petrol, jewellery, food, drink, clothing, entertainment services, cosmetics, hotels, restaurants, and commercial leasing.
2. Zero Rate
Certain types of products and services are subject to VAT at zero rates, which means that even though they are taxed, the rate is zero. The provision of specific transport means, the supply or import of investment precious metals (of 99% purity or more), the provision of residential buildings, the provision of buildings used for charitable purposes, the provision of specific educational services, and the provision of specific healthcare services all fall under this category.
For items and services falling under this category, exempt VAT is not applicable. It includes local passenger transit, certain residential structures, bare land, and financial services.VAT rates are:
Benefits of VAT Accounting
GSPU VAT Compliance Services
GSPU offers consulting services to accounting and tax services and provides compliance services in terms of VAT accounting as follows:
1.VAT Registration process
2. Invoicing and VAT treatment
3. Maintaining the book of records
4. Investigating the issue of record inspection.
5. Assistance with proper and timely vat returns filings.