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Advantages of Hiring VAT Consultants in Bahrain

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A VAT advisor or consultant is an expert that provides tax solutions to companies that have to pay VAT or are VAT registered businesses. These VAT advisors and VAT consulting services can provide right knowledge to the companies and keep them updated on the impact of the tax on their businesses as well as the negative impact of improper tax payment. There are many advantageous reasons as to why a company should hire VAT advisors or take help of VAT consultants in Bahrain.

VAT consultants in Bahrain

The Bahraini government has implemented Value Added Tax (VAT) at a standard rate of 5% as part of the GCC forum. According to the Bahraini law, companies that operate within oil and petroleum exploration, extraction or refining are free of taxes. The municipality tax for Bahrain that gets levied on commercial and residential properties held by the expatriates is 10%. On the sales and registration processes of real estate a 2% stamp duty charge is levied. In case of imported goods, the customs duty charge is 5%. Meanwhile, the following taxes are exempt as per the Bahraini Government Authorities:

Capital Gains Tax
Payroll Tax
Withholding Tax

VAT advisors and VAT consultancy services

There are multiple benefits of having tax experts, VAT advisors and VAT consultancy services in the loop, especially when setting up a small business as they can offer the right advice at the preliminary stage, as consequences of tax non-compliance can be sever for new businesses in particular.

The VAT consultants in Bahrain at present have extensive knowledge about VAT and other taxes as the country has steadily been rising as an economic power. They have clarity on all the details and can provide timely updates to businesses which would help when any changes are made in the taxation structure. Implementation of changes can get difficult for businesses when they try to work according to the new guidelines and this is one area where VAT consulting services can help with their extensive knowledge on taxation.

VAT registration is compulsory for all businesses that have exceeded or are expected to exceed the threshold limit set by the authorities. Professional VAT advisors can fulfil the formalities for the company and let the management and business executives be free of all the responsibilities that come with the taxation processes and can use that time on functions where their presence is required.

The tax experts in the VAT consultancy services have a lot of experience in the field as they work in all types of industries, familiar with the specific needs of business processes, and are equipped to help a company professionally and in a phased manner. They offer accuracy and thus greatly reduce risk of any penalties and overpayment of taxes, ensuring proper and accurate tax fulfilment.

Any business in Bahrain can benefit from these consultants whether the business is big or small. The services are affordable and reliable so hiring these consultancies for VAT is a much better option than hiring a full-time employee.