VAT Awareness and VAT Accounting

Course details

COURSE OBJECTIVES

WE ARE GLAD TO ANNOUNCE THAT WE HAVE TRAINED  107 COMPANIES’S KEY  STAFF SUCH AS Directors, General Manager,FInance Managers , Accountant, Purchase, supply chain staff, Marketing and sales staff , Administration, book keeping and Audit firm staff and Many more.

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GCC VAT is the most discussed issue in the corporate world. So businesses are keen on knowing the impact and challenges of the VAT in every area of their business. It is no more an issue of the Finance department, rather a challenge for the business manager of every department to contribute in strategy, planning and implementation.

With the implementation of  VAT, the business models of many organizations will also be challenged. This creates an immediate need to work on strategic, operational and tactical planning and process reviews to combat these challenges successfully.

This course is specifically designed for individual and organization to face this challenges based on changing economic and commercial environment, supporting entities towards getting an insight of upcoming challenges, arising from implementation of VAT, changes in their cash flows, profitability, sales and cost structures.

COURSE OUTLINE

VAT- AWARENESS

▸Direct & Indirect Tax
▸ Tax career in GCC
▸ Why VAT in UAE, Impact on UAE Economy
▸ How VAT frame work works and who pays VAT
▸ Understanding Executive Regulations
▸ UAE VAT terminology and interpretations
▸ Taxable supply (Standard, ZERO & Exempt).
▸ ZERO Rated and Exempted Industry analysis
▸ VAT Grouping
▸ VAT on Import and Export in GCC & others
▸ VAT registration and documentation
▸ VAT administrations, fines, Penalties
▸ Common errors in VAT calculations
▸ Appointment of Tax agent
▸ VAT treatment for Real state, Retail trade Financial
services, Aviation & Service industries
▸ Detail Analysis for VAT on Free zone


VAT - ACCOUNTING

▸ VAT Invoicing
▸ VAT Accounting & Reporting
▸ VAT Return Submission Practice 
▸ FTA Audit preparation
▸ VAT Adjustment (Error Correction, Sales and
Purchase Return, Bad debt, Warranty, Capital Asset
Scheme,Transhipment Reverse Charge
Mechanism, Deemed Supply, rebates)
▸ Record keeping
▸ VAT - Tax Planning & Tax Saving
▸ Strategic Pricing and Costing with VAT
▸ Business Impact –Pricing, Margin and cash flow
▸ VAT efficient Procurement and Inventory
 ▸  Management Accounting and Innovatie costing with VAT
▸ Risk analysis of NON - VAT implementation and compliance
▸ Strategies to keep 2017 price or below with VAT
▸ Few Strategies to take competitive advantage with VAT 

WHAT WILL YOU GAIN FROM THIS COURSE?

▸ Understanding UAE - VAT Framework
▸ Knowing the Type of supply and industry analysis
▸Understanding UAE and GCC VAT frame work
▸Understanding the Executive regulations  and implementations
▸ Practical understanding VAT Accounting and
      VAT Return Submission
▸ Technical understanding of VAT Registration
      and Compliance
▸ Knowing the Risk of NON-VAT implementation and Penalty
▸ Understanding the VAT challenges
▸Management Accounting with VAT 
▸ Practical understanding some strategies for VAT challenges
▸ Know the background of VAT implementation in GCC
▸ Identify the pre-requisites  before VATimplementation
▸ Recognize the competencies and skill set requirements 

TARGET AUDIENCE

‣ Business Entrepreneurs, CEO , Directors, Department Managers
‣ CFOs , Finance Directors , Finance Managers
‣ Accounting, Finance Staff, Staffs dealing with Payable & Receivables
‣ Tax Managers, External and internal Auditors
‣ Procurement and Supply Chain Managers
‣ IT and IS Managers, Sales and Marketing Staff,
‣ Professional and Academic graduates
‣ Those who want to learn about VAT

Course Methodology

VAT - AWARENESS

▸ Lecture with Interaction
▸ Question and Answer session with Participants’ industry
▸ VAT consultancy for Participants’ industry scenario
▸ Practice of written activities for exploring taxation skills of participants
▸ VAT registration exercise

VAT -ACCOUNTING 

▸Lecture with Interaction
▸ VAT accounting activities with adjustment
▸  Praobale VAT return submission activity (2 hr)
▸ VAT Management Accounting Activities
▸ VAT calculation activity to test the understanding of participants
▸ Strategy discussion on keeping the 2017 Price even with VAT
 

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Updated on 17 April, 2018