Authorities in Bahrain have launched a crackdown on a number of companies involved in VAT fraud. The Ministry of Commerce and Industry has taken action against 34 companies for not enforcing the law properly. Violators face penalties, including imprisonment, fines and imprisonment.
An inspection by the governorate of Bahrain in collaboration with the National Revenue Authority found that several companies had violated the VAT law. Such establishments can be fined up to 10,000 dinars. Authorities also said some other companies would be fined up to three times the VAT amount.
There is also the possibility of closing down some institutions depending on the seriousness of the crime. In addition, the owner of the fraudulent establishment could face up to five years in prison. The authorities also reminded all the institutions to strictly abide by the VAT Act.
Story Highlights: bahrain VAT fraud; action against several institutions