/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
1st January 2019 onwards, every business registered under VAT in Bahrain should comply with the VAT requirements. One of the immediate requirements for VAT registered business in Bahrain is to issue a VAT invoice. VAT Invoice in Bahrain simply refers to a written or electronic document which the taxable person must issue, and it should contain the details of supply and all other details in accordance with the provisions of law.
On every taxable supply of goods or services, the VAT registered supplier should issue a VAT invoice with 5% VAT. The Law and regulation prescribe the requirements of VAT Invoice in Bahrain.
In this article, let us have a glance of VAT Invoice in Bahrain.
The VAT invoice in Bahrain is categorized into the following types:
A Tax invoice must be issued by the registered business on the supply of goods or services to a VAT registered recipient.
A simplified tax invoice is a type of VAT invoice which a VAT registered supplier can issue in the following cases.
The VAT registered supplier should issue a Tax within 15 days from the end of the month in which the supply took place.
For example, you have supplied goods on 25th January. The last date to issue a tax invoice would be 15 days from the end of January i.e. 15th February.
The currency to be used in a Tax Invoice is Bahraini Dinar (BHD). If the supply is in a currency other than UAE Dirham, the amount shown in the invoice should be converted to BHD according to the exchange rate approved by the Central Bank as on the date of supply.
Rounding Off in VAT Invoice
The Bahrain VAT regulations allow rounding of a fraction of fils. In an invoice, if VAT calculations result in a fraction of a fils, the supplier can round off the amount to the nearest fils. If the fraction is less than 0.5, it is rounded downward to the nearest fils and if the fraction is 0.5 or more, it is rounded upward to the nearest fils.
The tax invoice should be retained by the taxpayer for a period of 5 years from the end of the tax period to which it belongs.
TallyPrime’s Simplified Security and User Management System