VAT: Introduction and Implementation Challenges

MF165

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With the recent Value Added Tax (VAT) law introduced into the Gulf Cooperation Council (GCC), businesses have needed to assess their operations and prepare for the implementation of VAT. There’s still a lot of confusion around VAT and this course aims to provide clarity through a practical five-day learning intervention which will equip you to be ready for the VAT regime.

1. Understand the concept of VAT and gain an overview of the VAT law and regulations
2. Learn about VAT procedures, administration and documentation requirements and deal with implementation challenges
3. Work on VAT calculations and accounting issues

This well-researched course is useful for executives who are responsible for finance and accounting functions in their organizations. Finance Directors, Heads of Finance, Chief Finance Officers, Accounts Managers, Accountants, Auditors, and Analysts will find the course particularly useful.

What is VAT?
Types of taxes - Direct taxes - Indirect taxes
How VAT works
How it differs from sales tax
Role of the Federal Tax Authority
Input and output of VAT
Understanding VAT terminology
Common VAT agreement of the States of the GCC
Categories of VAT supplies with examples
What is deemed a “supply”? Compliance Requirements Of VAT
Taxable persons
Applicability of VAT
VAT registration - Mandatory and voluntary registration - Tax group registration - Exceptions - Government bodies - Non-residents
De-registration VAT Calculations and VAT Accounting
Supplies of goods and services - Place and date of supply - Exempted supplies - Zero-rated supplies
Place of residence
Taxable value of supplies
Tax on imports
VAT Accounting And Procedures &VAT Calculations And VAT Accounting
Reverse charge mechanisms
Export of goods
Rates of VAT
Input tax credit/deduction
Output tax adjustments
Case Study – Calculating VAT
VAT accounting entries:
Local purchases - Imported goods
VAT on expenses - VAT on sales
Returned goods - Exchanged goods
Treatment of bad debts
VAT on capital assets
VAT on leases
VAT on damaged goods
Case Study - Calculating VAT payables
Common Errors In Computing VAT
Pre-registration input VAT calculation
Relief calculation
Valuation of supplies
VAT Documentation And Records
VAT tax invoice
VAT registers
Retention of records
VAT Procedures And Administration
Payment of tax
Returns
Penalties
Assessment procedures
Appellate procedures
Refund of tax
Transition and Other General Provisions

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

Terms & Conditions

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