VAT & Zakat calculation in Saudi Arabia

MF181

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With the expected introduction of a Value Added Tax (VAT) And (Zakat) in Saudi Arabia, companies have to be prepared by upgrading the skills of their accounting staff to fully understand and properly account for the VAT and Zakat. From invoicing to recording entries and preparing VAT return forms, this course provides an overview of the accounting treatment of the VAT according to the various type of goods and services. Additionally, we compiled from multiple sources the possible VAT treatments, challenges faced and questions to ask by industry, in order to help businesses in the Saudi Arabia area understand the likely impact from adopting VAT and Zakat on their operations and financial accounts.

Explain how to account for VAT and Zakat on purchase and sales of goods or services whether the entity is registered in VAT and Zakat or not
Use the company’s trial balance to fill up a VAT return
Formulate a preliminary assessment of impact of VAT and Zakat adoption on operations and accounts

ِccountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, tax consultants, tax preparers and other professionals in the accounting and finance functions

Accounting for VAT
Accounting for Zakat
Issuing the VAT invoice
What does a VAT invoice look like?
Contents of an invoice
VAT records and documentation to be maintained
Accounting entries for VAT
Local purchases of goods and services
purchases and sales of fixed asset
Entities providing non-vatable activities
Trial balance accounts needed to complete a VAT return
Expected format of a VAT return
Prepare ZAKAT Statements
Zakat records and documentation to be maintained
Accounting entries for Zakat

Presentation & Slides
Audio Visual Aids
Interactive Discussion
Participatory Exercise
Action Learning
Class Activities
Case Studies
Workshops
Simulation

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