VAT - One Day Workshop

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 for the initial VAT implementation, to ensure VAT returns are submitted accurately and to avoid penalties due the compliance and errors in VAT returns.

The training session will equip the participants with complete understanding of VAT, covering all the essentials aspects including the initial implementation of VAT in the business and will encourage the participants to deal with the VAT implementation, compliance and return filing confidently.

Extra Benefits:

• A Training Pack containing the information presented on the day
• A Certificate of Attendance
• Corporate will be discounted as per individually rate 1500AED for 6hours

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
• VAT calculation and reconciliation
• Understand the impact of VAT on the Imports and Exports with 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
• Business strategic and operational planning to implement VAT
• System mapping for VAT implementation
• Understand VAT administration, fines and penalties related to VAT filing
• Identify common errors in VAT calculation

 
AGENDA
 
VAT CONCEPT

• Concept of VAT
• Motive for VAT
• Input VAT
• Output VAT
• •  
  • Services

 
CATEGORIES OF SUPPLIES

• Taxable Supplies
• Reduce rated Supplies
• Zero rated Supplies
• Exempt Supplies

 
VAT AND UAE

• Reason behind VAT implementation in UAE
• Impact of VAT on UAE Economy
• Impact of VAT on the Businesses
• Why VAT in UAE is different than rest of the world
• 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)

 
Short case study Case study for the VAT calculation
 
VAT ADMINISTRATION

• Filing VAT returns
  • VAT Schemes
  • Timing for VAT Filing
• Claim for VAT Refunds

 
VAT PENALITEIS

• Late submission penalties
• Late payment penalties
• Error and penalties
• Default interest rate

 
VAT ON IMPORTS/EXPORTS

• Calculating output VAT on Imports from the member countries and non-member countries
• Calculating input VAT on Export to member and non-member countries

 
BUSINESS PLANNING FOR VAT IMPLEMENTATION

• Business strategic planning
• Operational planning for VAT implementation
• VAT implementation and its impact on Budgeting
• Accounting system mapping for VAT implementation
• VAT Compliance

 
VAT INVOICES AND RECORD KEEPING

• 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

 
There will be various case studies discussed during the training session to clarify the VAT concept, the implementation issues, avoiding the errors and proper treatment of the supplies.
 
 
  Updated on 01 December, 2020