VAT
Value Added Tax – VAT
Gulf Cooperation Council (GCC) states are adopting a common Value Added Taxes (VAT) framework from 1st January, 2018.
Value Added Tax – VAT
This course is designed for non-VAT professionals who are involved in making key commercial, real-world business decisions that have a VAT consequence as they will be adopted and implemented in the GCC. This course is designed to give accounting, finance, sales and purchasing departments and logistics professionals a comprehensive overview of the VAT system.The VAT course at Synergic was created to ensure that you have a thorough understanding of the fundamentals of VAT, including areas where the most common mistakes happen. It also includes the latest information and legislation to ensure that you are up to speed with the most recent amendments. The course is practical and example-focused, and will allow you to immediately implement what you have learnt
Training Objective
The Objective is to enable enterprises effectively manage the complexity and uncertainty that typically accompany VAT obligations across UAE through a structured training program. By the end of the course, participants will be able to:
- Explain how to account for VAT on purchase and sales of goods or services whether the entity is registered in VAT or not
- Use the company’s trial balance to fill up a VAT return
- Formulate a preliminary assessment of impact of VAT adoption on operations and accounts
What you Will Get
- Comprehensive case study to cover all the aspects of VAT
- Seminar Pack containing the information presented on the day
- Certificate of Participation
Key Take Away
- 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
Who should attend
- Staff accountants
- senior accountants
- chief accountants
- accounting managers
- controllers
- internal auditors
- tax consultants
- tax preparers
- IT professionals
- business development managers
- other professionals in any of the company’s functions
Course Outline
VAT CONCEPT
- Concept and motive of VAT
- Input and Output VAT
- Supplies, Goods and Services
CATEGORIES OF SUPPLIES
- Taxable Supplies
- Reduce rated Supplies
- Zero rated Supplies
- Exempt Supplies
- Zero Rated Vs. Exempt
VAT AND UAE
- Reason behind VAT implementation
- Impact of VAT on UAE Economy
- Why VAT in UAE is different?
- 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 & Gifts)
VAT ADMINISTRATION
- Filing VAT returns
- VAT Schemes
- Timing for VAT Filing
- Substantial traders
- Claim for VAT Refunds
VAT PENALTIES
- Late payment/ submission penalties
- Error and penalties
- Default interest rate
VAT ON IMPORTS / EXPORTS
- Calculating output VAT on Exports
- Calculating input VAT on Imports (Member countries and non-member countries)
VAT INVOICES AND RECORDS
- 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