1) Explain the principle of partially exempt businesses and use a numerical example to illustrate how the standard apportionment method is used to determine the amount of input tax on residual expenses that can be recovered during a tax period

Business Jun 29, 2021

1) Explain the principle of partially exempt businesses and use a numerical example to illustrate how the standard apportionment method is used to determine the amount of input tax on residual expenses that can be recovered during a tax period. With reference to the Kingdom of Bahrain VAT General Guide, found here, draft an advisory letter to a client who needs to understand (1) how Special Refund Schemes work, (2) the penalties for non- compliance with VAT obligations.