The VAT Financial Services Guide (Version 1.3, March 2019, updated 6 August 2024) is issued by the National Bureau for Revenue (NBR) of Bahrain for the financial sector. It explains how financial services are defined in the Executive Regulations and when they are VAT exempt, drawing the key distinction between consideration earned as an implicit margin or interest, which is exempt, and an explicit fee, commission or discount, which is subject to VAT at the standard rate. It covers the export of financial services and zero-rating of precious metals, then works through money related services, bank accounts, payments, foreign exchange, ATMs and cryptocurrency, credit and financing, asset financing, debts and factoring, capital and money markets, derivatives, asset management, Islamic finance products including Murabaha, Ijara, Musharaka, Mudaraba, Wakala and Sukuk, insurance and Takaful, outsourcing, VAT invoices and input VAT recovery.