The Kingdom of Bahrain under Decree-Law Number 48 of 2018 (Decree-Law) is the pivotal legislation with regards to Value Added Tax (VAT) in Bahrain. Further, the Executive Regulations Number 12 of 2018 (Executive Regulations) are the elaborate rules with respect to the application of the VAT Law.
With regards to the related party transactions in VAT, the National Bureau for Revenue (NBR) in Bahrain has published clarification notes to calculate the market value of such related party transactions. Article 24 of the Executive Regulations mentions that the market value shall be that fair price tradeable between the
independent parties
Source: vlex
