Course Overview VAT Training
This VAT Training comes up numerous practical case studies and in training exercises on the rules governing and operation of the VAT in GCC and particularly in United Arab Emirates and Saudi Arabia.
Course also covers VAT accounting / bookkeeping entries for accounting transactions, VAT calculation including calculation of payable/ refundable and completion of VAT returns on specified frequency.
The course also introduces participants to more advanced issues which when they may have to deal with including some of the most confusing and problematic areas of VAT practice, namely the correct VAT treatment of products and services and dealing with VAT clients (internal/ external).
The course deals with these topics by explaining the logic and the purposes of the various rules and then progresses by using simple examples to illustrate these principles and rules.
Delegates will not only learn the correct VAT treatment of these transactions, but they will gain practical experience through a number of worked examples and self-assessment questions. The course will provide students with a stimulating learning experience which is reinforced by applying the VAT rules to practical real world situations, which they are likely to encounter in their working environment.
- To develop reasonable practical skills for maintenance of records in accordance with the provisions of VAT Law
- The delegates will feel confident while handling VAT routine matters like preparation, planning VAT both manual and electronic submission of returns
- To enable the participants to handle day to day tax matters of their own business, employer, clients etc. in a professional way
- Course Outline
- The VAT Law and Executive Regulations
- Understanding the LAW and its structure
- Defining VAT Principles and directives as per law
- VAT law and implementation
- VAT Rate
- Improve your knowledge of the background of your national legislation.
VAT Records and Return
- Sample of VAT Invoice (exercises)
- The VAT Account
- Special Record Keeping Requirements
- VAT Invoices
- VAT Returns
- VAT penalties
Accounting for VAT
- Payment and Repayment of VAT
- Payment of VAT
- Monthly payments on account
- Due date for payments on account
- Annual Accounting
- Cash Accounting
- Receipts and Payments for Cash Accounting
- VAT Reconciliations
- Bad debts (problems, conditions and requirements)
· Know VAT Geography
· Making supplies to non GCC states
· Be able to understand the concept of customs territory
· Understand the difference between the customs territory and the VAT Territory
VAT Taxable person
· Identify who qualifies as a taxable person.
· Definition of taxable person and customer chain
· Understand what reverse charge is and when it is used.
· How accounting and VAT go side by side
· Be able to define the terms supply of goods, intra-Community acquisition of goods, supply of services and importation of goods.
· Know that the transfer of a going concern is not always treated as a transaction.
· Understand the concept of deemed supplies
VAT Place of taxable transactions
· Describe the different rules that govern the place of supply of goods.
· Explain rules relating to governing the place of supply of services
· Identify the general rule that governs the place of importation of goods.
· Understand what an exemption is.
· Dealing with Exemptions
· Difference between Exemptions and Zero-Rated Supplies
· State what an exemption may mean for the principle of tax neutrality in the supply chain.
· Understanding exemptions and its impact on business
· Describe kinds of exemptions
· Provisions for the VAT refund
· Procedures for applying for a VAT refund
VAT Administration & Calculations
· Definitions of terms
· Differentiate Input VAT and Output VAT
· Categorize the supplies for VAT calculation
· Understand the impact of VAT on the each major industries to GCC region Prepare the invoices including VAT and documentation requirements
· VAT on Import & Export Business
· Understand the VAT registration process and prepare required documents for
· How to prepare for the VAT (detailed concepts)
VAT Action Plan 2018
· Measuring the VAT Gap
· Controlling the flow of information in the department/ clients
· Evaluating the volume for seamless planning
· All information at one place for improved compliance
· Strategic tax planning
· Plan for VAT filing both manual (excel sheets) and online
· VAT Return Preparation
· Calculation of taxable figure in complicated cases
· Know the obligations that taxable persons and certain non-taxable persons need to respect:
· Obligation to pay
· Appointment of tax representative
· Payment arrangements
· Handling with notices, audit, assessment and appeals.
Business Entrepreneurs | CFOs | CEOs | Finance Managers | Staff accountants, senior accountants, chief accountants, accounting managers, controllers, External and internal Auditors, Sales and purchasing Departments, tax consultants, tax preparers, People who wish to improve their knowledge of the VAT System, consultants, auditors and other professionals in the accounting and finance functions
- Basic or no Understanding of VAT (Prior knowledge of VAT is an advantage but not essential)
- Basic Accounting
- Handouts and all the relevant material will be given during the training
- Hands-on training, practical examples and case studies
- A certificate of attendance for participants