VAT Accounting

Course details

Course Objectives:

• Explain the concept and role of value added tax in the tax system.
• Explain the regulatory framework for value-added tax.
• Understand the basic concepts and calculation of tax base and rate
• Prepare tax reports.

Learning outcomes
On successful  completion of this course, student should be able to:

1. Define the subject of taxation according to value added tax regulations.
2. Describe ways of applying the basic rules for the application of the VAT system.
3. Apply tax regulations in determining the tax base
4. distinguish specific calculation of VAT rates.
5. Compare specific calculation for individual business areas.
6. Connect knowledge and prepare tax returns of value added tax.

Course content

Conceptual definition of value added for the purpose of taxation. Subject to taxation. Tax base. Tax rates. Taxpayers. Continued tax liability. Input tax deduction. Settlement of taxes and tax liabilities. Tax return. The basic rules for the application of the VAT system. Exemption from payment of VAT. Example VAT rate of 5% and the rate of 10%. Export liberation. Taxation own consumption. Taxation granted and deposits received. The application of VAT in certain sectors. Filing a value added tax report. Keeping records and monitoring. Books outgoing invoices. Book entry accounts. Fundamental instrument in the VAT system. Updated on 23 July, 2019