Service Area
Value-added Tax Law (VAT Law) Compliance
VAT-related services help businesses gain a true understanding of VAT law, deal with complex transactions, prepare and file VAT returns correctly, and manage tax planning and cash flow for tax purposes.
Madan Audit can support clients from assessment through implementation and registration, to return preparation and submission. The firm can also help with VAT audit requirements by the NBR and VAT penalty matters where applicable.
Our services include:
- VAT assessment for requirement to register
- VAT registration application submission
- VAT implementation
- VAT return preparation, review and filing
- Assessment of contracts or transactions for VAT compliance and implications
- VAT treatment assessment for supplies and purchases
- NBR VAT audit handling
- Automation of VAT return preparation
- Tax planning and cash flow management consultancy
- VAT credit claim or refund application for non-resident suppliers
- VAT liability settlement for non-online payments
- Review and service request submission
- VAT payer information update
- Submission of VAT enquiries
- VAT de-registration application
- Exemption from registration application
- Surrender of economic activity and transfer of a going concern
- Domestic reverse-charge mechanism application
- Profit margin scheme application
- Valuation of supplies, including fair value, composite and multiple supplies, vouchers and government subsidies
- Arrangement for self-issued VAT invoice
- Guide on apportionment of input VAT
- Recovery of input VAT on pre-VAT-registration purchases
- Face-to-face general consultation on VAT compliance
Service Area
Corporate Governance (CG)
Corporate governance has gained significant importance as its absence can reduce the perceived value of a company. Corporate governance is a methodology to lead, guide and control business activities by regulating relationships between the board of directors, executives, shareholders and stakeholders.
Every company needs corporate governance, and Madan Audit can help establish or review the required governance framework.
Our services include:
- Preparation and implementation of corporate governance manual, charter or guidelines
- Review of corporate governance manual, charter or guidelines for compliance with Bahrain Corporate Governance Code
- Annual corporate governance report
Service Area
Ultimate Beneficiary Ownership (UBO)
The Ultimate Beneficial Owner is the natural person who ultimately owns or controls a registered person, or the person on whose behalf a transaction is conducted. It also includes persons who exercise ultimate effective control over a legal person or arrangement.
If you need an assessment to properly identify and assign the UBO of your company, Madan Audit can support you.
Our services include:
- Ultimate Beneficial Owner assessment
- Ultimate Beneficial Owner registration
Service Area
Economic Substance (ES)
Economic Substance requirements were introduced to meet international standards and require certain entities to demonstrate adequate substance in relation to relevant activities.
Madan Audit can support clients in understanding ES requirements, assessing applicability and preparing the necessary documentation or submissions.
Our services include:
- Economic Substance applicability assessment
- Economic Substance reporting support
- Guidance on relevant activities and required documentation
- Support with compliance requirements
Need support in this area?
Share your requirements with Madan Audit and Consulting and the team will guide you on the right service scope.
