Ease of VAT return submission for VAT payers

NBR has announce that (enterprises subject to VAT) VAT payers, whose annual supplies are less than BD100,000 will be able to submit a simplified one-time VAT filing document annually to facilitate approval procedures.

Khalid Marhoon, Managing Partner of Elyaa Audit and Consulting commented that this would help reduce both regulator’s and VAT payer’s admin works and emphasized that the implications of a one-year filing cycle to the VAT payers would mean establishing a “reserve fund” for proper cash flow management. To know the impact on your business or for further details contact us at info{@}elyaa.com.