VAT Training

Course details

Course Overview
The course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls that should be in place to ensure VAT returns are submitted accurately and on time.
 
This seminar will give you a complete understanding of VAT, covering all the essentials topics and giving you the confidence to know if you are dealing with VAT correctly.
 
Key Learning Outcomes
Upon the successful completion of this course the participants should be able to:
 

• 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

AGENDAVAT 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 in UAE? 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 (Sales, Services and Gifts) Calculating Output VAT (Purchases)
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 Imports Calculating input VAT on Export
(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

Target Audience:

• Accounting  
• Compliance 
• Finance 
• Commercial 
• Treasury 
• Sales 
• Procurement 
• And Logistics Department 

Key Take aways :

• Update on current position and timeline for VAT introduction in the GCC 
• Overview of the main VAT characterized and compliance requirements 
• Specific issues for business operating across the region with an industry focus road map for VAT implementation - what  should businesses be doing now  

Updated on 31 May, 2018