Application process for the phased registration under VAT has been closed after the completion of the third and final wave of VAT implementation in Bahrain, which covered businesses with an annual turnover of BD37,500.
KPMG Fakhro taxes and corporate services director Ali Al Mahroos said that all businesses will fall under the VAT system and be obliged to apply for a number effective from January 1, if an annual turnover of BD37,500 is realised.
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The Arab states of the Persian Gulf are the seven Arab states which border the Persian Gulf, namely Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE).This excludes the non-Arab state of Iran. All of these nations except Iraq are part of the Gulf Cooperation Council (GCC).