Trade Ministry Says It will Monitor Markets and Prices after Implementation of VAT
2018-12-25 - 9:09 p
Bahrain Mirror: The Ministry of Industry, Trade and Tourism said it will monitor markets and prices after implementation of value-added tax (VAT).
It explained in a statement that the tax will be levied as of January 1, 2019. All registered businesses are required to display their VAT registration certificate in a prominent place that is clearly visible to consumers prior to levying the 5% VAT. All registered businesses are also legally required to display the final prices of all goods and services - inclusive of tax. The Tax Invoice should include the full price, followed by the total price to be paid and the amount of tax charged therein as it is a violation to mislead consumers.
The ministry confirmed that it implemented, in coordination with the National Bureau for Taxation (NBT), administrative and legal mechanisms aimed at promoting the principles of a free market to enhance competition and transparency in addition to mitigating unfair practices.
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