Accounting for Value Added Tax VAT

Course Overview

VAT is an indirect tax applied upon the consumption of most goods and services. VAT is levied by VAT registered businesses which make supplies of goods and services in the course of furtherance of their business. VAT also applies on the import of goods. VAT is levied at each stage in the supply chain and is collected by businesses on behalf of the Government. International VAT training course is ultimately incurred and paid by the end consumer.

The taxation course is designed to scrutinize the rules and the regulations of VAT and validates that procedures and the controls that should be in place in order to certify that VAT returns are timely and accurately submitted. This training program will give complete overview of VAT by giving you the confidence that you are accurately dealing with VAT. As such there is no pre-requisite for VAT as this course will be built on basic concepts and move to complex phenomenon such as exemption. The VAT training program takes a holistic view instead of focusing on any one country.

Course Objectives

  • Provide general overview of VAT and the related operational considerations in order to assist businesses to successfully implement the tax and manage VAT post implementation
  • Prepare businesses for the challenges operating in the region as VAT will impact all parts of the business
  • Gear up for involvement and support of senior management to ensure the necessary ‘whole of business’ engagement in the implementation of the project

Course Content

Introduction to VAT

  • What is VAT
  • How does VAT work
  • Impact of VAT on the business and economy
  • Impact of VAT on the financial and operational performance
  • Framework of VAT in GCC
  • VAT input calculation
  • VAT output calculation
  • Different types of VAT supplies
  • Categorization of VAT supplies for calculation
  • Compliance requirements under VAT

Vat Planning and Implementation

  • Preparing for VAT implementation roadmap
  • VAT impact assessment
  • Compliance deadlines
  • Internal and external challenges of VAT
  • VAT mitigation strategies
  • VAT registration and de-registration
  • Filing VAT return
  • VAT invoice issuance
  • VAT payment
  • VAT refund
  • VAT fines and penalties

Course Methodology

The training is going to be highly interactive combination of lectures, group discussions, questionnaires, individual reflections, role plays, simulations and videos

Target Audience

VAT training course is designed for corporate tax, legal managers, finance and accounts managers, supply chain managers, project managers, change managers, marketing and sales managers

Duration

2 Days (08:30–14:30) with appropriate breaks for tea/refreshments and lunch

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