Start it right with Lima in Bahrain
At Lima Tax Consultant, we aim to make your world of tax reporting easier and more manageable with the help of our trained and qualified team and through the variety of tax consultancy services we offer. We WLL ensures that the internal audit process for helping the organization or customer to achieve their objectives, purposes as well as mission and vision. Normally internal auditors are considered as the employees of the organization.
Whether you are looking for help with personal, international, business, or specialized tax forms, we have the resources to help you reach your goals. When it comes to tax consultants, Bahrain is home to a variety of professionals, but at Lima tax consultant, we have one of the most dedicated teams in the region.
VAT In Bahrain – VAT rate is 5% and applies to most goods and services, with a number of exceptions where certain goods and services may be subject to a 0% rate or be exempted from VAT. The National Bureau for Revenue (NBR) is the government agency responsible for implementing and managing VAT in Bahrain. The system is responsible for recording VAT and related obligations, validating the submitted statements, and evaluating such matters. The final consumer pays VAT when purchasing any goods or services subject to the tax.
The Kingdom of Bahrain introduced a Excise Tax system on December 30, 2017. This is a tax imposed on specific goods harmful to human health and the environment. Excise Tax revenues contribute to the treatment of diseases resulting from the consumption of these products.
Accounting and Audit Compliance in Bahrain
The Kingdom of Bahrain follows International Financial Reporting Standards (IFS) which is a high-quality global accounting standard followed by major countries in the world.
The Ministry of Labor under Law No. 78 of 1992 in accordance with the provisions of the Law of Societies and Social and Cultural Clubs. It is membership is voluntary and comprises both accountants and auditors.
The Commercial Companies Law of 2001 (as amended in 2018) stipulates that auditors must comply with internationally recognized auditing principles and standards or the standards approved by the competent authority. Legislative Decree No. 26 of 1996 for Auditors directly references the pronouncements issued by the IAASB as the relevant auditing standards to be adhered to.
Lima being a Tax, Accounting and Business Consultancy Firm provides services such as Assurance, Compliance, Risk Management, Corporate Advisory, Accounting and allied services. Our professional team will ensure that we provide you with solutions that will help you achieve sustained strategic growth.
Tax & Loan Management
Succession Planning
Financial Advices
Investment Policy
Strategy & Planning
Business Growth Plan
Program management
VAT Registration in Bahrain
The mandatory registration threshold is 37,500 Bahraini dinar (BHD) for businesses resident in Bahrain, and the voluntary registration threshold is BHD 18,750. Non-resident businesses will be required to register upon making the first supply subject to VAT in Bahrain.
Custom Duty – The general rate of customs duty is 5% of the value in cost, insurance, and freight (CIF), except for alcoholic beverages, which is 225%, and cigarettes, which is 200%.
Certain categories of goods, such as paper and aluminium products, are subject to a 20% duty rate.
