Forty trading outlets inspected; 27 VAT related violations reported

Manama, June 1 (BNA): Twenty-seven violations of value-added tax have been reported in Bahrain.

Violators may face fines of up to BD10,000, according to the provisions of the Value Added Tax Law.

A total of 40 commercial establishments across the country were inspected by officials from the Ministry of Industry, Trade and Tourism and the National Revenue Bureau (NBR).

The campaign aims to verify compliance of commercial outlets with the revised value-added rate, and to raise awareness of the mechanisms to be followed in a way that primarily guarantees the interests of consumers.

Legal action is underway against VAT violators and those, while those found guilty of tax evasion can be imprisoned for five years and fined three times the amount evaded.

The Ministry and the National Revenue Office stressed the importance of concerted efforts by all parties to ensure the success of the revised value-added tax rate, which took effect at the beginning of this year.

It also urged citizens and residents to submit complaints in case they discover violations in value-added tax through the hotline 80008001 or e-mail to [email protected].


Source link

READ MORE  Bahrain All Share Index, Islamic Index end trading higher

Leave a Comment