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December 01, 2022 02:45:16 PM

Expats in Bahrain are not eligible for VAT refund as the decision is mainly taken to encourage purchases by tourists.


VAT Refund Offer Triggers Gold Rush in Bahrain

SEATTLE (Scrap Monster): The demand for yellow metal soared mainly among tourists from India and other Asian countries in Bahrain after the Kingdom of Bahrain decided to refund VAT on purchases made for gold and jewellery.

The decision was taken following an appeal by jewellers who stated that the increase of VAT from 5 per cent to 10 per cent on gold from early 2022 will hit their businesses. The Domestic and Foreign Trade Department, which is under the Ministry of Industry and Commerce implements the VAT refund order. India has a sizable number of expats in Bahrain.

Expats in Bahrain are not eligible for VAT refund as the decision is mainly taken to encourage purchases by tourists. As per the VAT refund decision, the refund is given at special counters opened near duty-free shopping on production of original bill along with the item. Instant bank transfer is done for all those having non-rupee bank accounts. Cash in currency of choice is given in a counter located nearby after showing a receipt given by the VAT refund desk through a money-change firm.

“The VAT refund is not given on purchase of gold coins. The new incentive has been received very well by the tourists. Moreover, Bahraini gold is reputed for purity and fetching a good amount at the time of exchange in future,” an employee of Devji Jewellery said.

Courtesy: www.bizzbuzz.news





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