Value Added Tax - VAT Training

Course Overview

The course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls that should be in place to ensure VAT returns are submitted accurately and on time.

This seminar will give you a complete understanding of VAT, covering all the essentials and giving you the confidence to know if you are dealing with VAT correctly.

Extra Benefits:

• A Seminar Pack containing the information presented on the day

• A Certificate of Attendance

Learning Outcomes:

Upon the successful completion of this course the participants should be able to:

• Understand the concept of VAT and its impact on the economy

• Understand the impact of VAT on the operational and the financial performance of the business

• Differentiate various types of supplies with reference to VAT

• Differentiate Input VAT and Output VAT

• Categorize the supplies for VAT calculation

• Understand the impact of VAT on the Imports and Exports to the member countries (gulf region) and non-member countries (rest of the world)

• Prepare the invoices including VAT

• Understand the VAT registration process and prepare required documents for VAT registration

• Understand VAT administration, fines and penalties related to VAT filing

• Identify common errors in VAT calculation

Agenda

VAT Concept

• Concept of VAT

• Motive for VAT

• Input VAT

• Output VAT

• Supplies

        - Goods

        -Services

CATEGORIES OF SUPPLIES

• Taxable Supplies

• Reduce rated Supplies

• Zero rated Supplies

• Exempt Supplies

VAT AND UAE

• Reason behind VAT implementation in UAE

• Impact of VAT on UAE Economy

• Impact of VAT on the Businesses

• Why VAT in UAE is different than rest of the world

• Gulf VAT Framework

VAT REGISTRATION

• Rules for VAT registration

• Rules for VAT De-registration

VAT CALCULATION

• When should VAT be accounted for?

• Calculating Input VAT (Purchases)

• Calculating Output VAT (Sales, Services and Gifts)

Short case study Case study for the VAT calculation

VAT ADMINISTRATION

• Filing VAT returns

a) VAT Schemes

b) Timing for VAT Filing

• Substantial traders

• Claim for VAT Refunds

VAT PENALITEIS

• Late submission penalties

• Late payment penalties

• Error and penalties

• Default interest rate

VAT ON IMPORTS/EXPORTS

• Calculating output VAT on Export to the member countries and non-member countries

• Calculating input VAT on Imports from member and non-member countries

VAT INVOICES AND RECORD KEEPING

• Layout of the VAT Invoice

• Charging VAT on Invoice price

• VAT invoices Record Keeping

VAT ERRORS

• Pre-registration input VAT Calculation

• Relief Calculation

• Valuation of Supplies

- Comprehensive case study to cover all the aspects of VAT.