Introduction of VAT
Kingdom of Bahrain
The Kingdom of Bahrain will implement the Value Added Tax (“VAT”) commencing January 1st, 2019, in accordance with the Unified Agreement for VAT of the Cooperation Council for the Arab States of the Gulf (H1439/4/14), approved and published on (H1438/11/4), with Royal Decree No. 48. VAT is an indirect tax imposed on most supplies of goods and services.
Based on this, we would like to highlight that National Bank of Bahrain is committed to comply with the VAT Law and has embarked on a VAT implementation project to ensure the successful implementation of VAT.
Click here to view the VAT Registration certificate Bahrain
Click here to view the VAT FAQs
Click here to view the Supplementary Terms & Conditions of Account Opening
Click here to view the Services & Prices
Click here to view NBB letter to the corporate customers
United Arab Emirates
On 23rd August 2017, the President of United Arab Emirates, His Highness Sheikh Khalifa bin Zayed Al Nahyan, has issued the Federal Decree-Law No. 8 of 2017 for Value-Added Tax (the VAT Law).
In line with Articles 3 and 85 of the VAT Law, VAT will be effective as of 1st January 2018 at a rate of 5%.
The VAT will be applied to certain transactions. The list of taxable transactions will be provided in due course by the Federal Tax Authority.
Please refer to www.tax.gov.ae if you would like to know more about how VAT will affect your business.”
Click here to view the VAT Registration certificate UAE
Kingdom of Saudi Arabia
On 4/11/1438H, the Kingdom of Saudi Arabia’s Minister of Finance Mr. Mohammed bin Abdulla Al-Jadaan, has officially approved and published the VAT Law.
In line with Articles 25 of The Unified Agreement for Value Added Tax (VAT) Law of the GCC, VAT will be effective at a rate of 5%.
The VAT will be applied to certain transactions from 1st January 2018 (14/4/1439H). The list of taxable transactions will be provided in due course by the General Authority of Zakat and Tax.
Please refer to www.vat.gov.sa if you would like to know more about how VAT will affect your business.”
Click here to view the VAT Registration certificate KSA