Keeping up the books of accounts and records is one of compliance obligation of the trade enlisted beneath Bahrain VAT. The Bahrain VAT Registration direction endorses distinctive sorts of records to kept up and time period for holding such records.
In this article, we are going talk about diverse sorts of records to kept up and time period to hold it.
Maintenance of Records and Bookkeeping books
The taking after are records and books as endorsed within the Bahrain VAT dubai directions which a VAT enrolled commerce ought to keep up.
Bookkeeping books related to the Assessable Person’s work (all the exchanges concurring to their chronological and numerical arrange)
Adjust sheet and benefit and misfortune account
Records of pay rates and compensation
Records of settled resources
Stock records and accounts (counting amounts and values) at the conclusion of any significant assess period
A duplicate of charge Solicitations, creditand charge notes issued, and unique Assess Solicitations gotten by the assessable individual
All traditions archives relating to purport and send out exchanges carried out by the assessable individual
Extra records decided by the Bureau
These records ought to be held in a secure way to dodge their harm, and in a state where they can be examined and checked on.
Maintenance period of records and bookkeeping books
The assessable individual ought to hold records and bookkeeping books for a period of five a long time from the conclusion of the tax invoice period to which it relates.
For illustration:
A Assess Receipt for a supply on 25th April’ 19 relates to the charge period of January-December ’19. Consequently, it ought to be retained until 31st December ’24.
Records related to capital resources ought to be held for a period of five a long time from the conclusion of the charge period in which the alteration period for such resources closes. Additionally, records related to genuine bequest ought to be held for a period VAT services of fifteen a long time from the conclusion of the charge period to which they relate.
Maintenance of records and bookkeeping books electronically
A assessable individual may hold records and bookkeeping books electronically in the event that the taking after conditions are met:
Simple get to and extraction of records and bookkeeping books from the computer framework upon the Bureau’s ask.
Capacity to keep reports and records that back the records and the bookkeeping books electronically or in difficult duplicate.
Records and bookkeeping books are kept safely where no altering or control can happen.
The Bureau has the correct to audit the computer system or Accounting computer program utilized by a Assessable Individual to guarantee its compliance with the arrangements of the Law and these Directions.
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