MANAMA: Businesses in Bahrain need to gear up for inquiries by the National Bureau for Revenue (NBR) as well as onsite visits and inspections, now that the final wave of value-added tax (VAT) is in force, an expert has warned.
According to audit and advisory firm Grant Thornton Bahrain’s senior tax manager Muhammad Naveed, businesses should also expect; public and private rulings – on the industry level in the VAT treatment of specific products and arrangements; guides and clarifications – to set out the tax authority’s view on how VAT rules should apply as well as a significant number of procedural and administrative updates and developments .