Value Added Tax (VAT): Awareness, Preparation & Application

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COURSE OVERVIEW

Value Added Tax (VAT) charged on goods and services, is applicable and common throughout the world. Currently, approximately 145 countries in the world have implemented VAT. The Organization for Economic Cooperation and Development (OECD) stated that “the application of Value Added Tax has been the most important development in taxation over the last 50 years”.

Since VAT might have a significant financial impact on businesses, regardless of the location or industry type, it is important to have a good un ­der ­standing of VAT in order to avoid any unnecessary costs. As a result, it is mandatory for all the industries to have the relative information about VAT.

The training course is designed to cover the principles of the VAT, and its impact on individuals and businesses. Participants will be provided with knowledge that can be shared amongst their own colleagues, and with other departments. The awareness and understanding of VAT will enable delegates to have required information to deal with it.

IMPORTANT FEATURES

The important features of the VAT Awareness training course are:

  • Immediate use of the tools and techniques of financial analysis and financial management that will be acquired.
  • Becoming better informed and using new financial skills that will help improve management decision-making.
  • Communication of the various financial tools that are available to help the organization enhance its competitive positioning and profitability and improve the all-important cash flow.

LEARNING OBJECTIVES

This training course will enable participants to understand the importance of managing Value Added Tax (VAT) transactions and balances. VAT management is not rocket science, but problems can be avoided with a proper registration and control process in place. This course will cover real-world examples of VAT management, as well as:

  • Define Value-Added- Tax (VAT) and discover how VAT works
  • Identify the risks of improper VAT management.
  • Recognize how to plan your VAT balance
  • Examples of how to record VAT
  • Potential red flags around VAT treatment
  • Tips on audit compliance

TARGET AUDIENCE

The Value Added Tax training course is suitable for:

  •  All professionals working in accounts or finance who want to gain a clear insight into the impact and mechanics of VAT.
  • Those who are preparing for the transformation of their business as VAT is introduced

TRAINING METHODOLOGY

This training course provides a theoretical background to key areas of VAT that are put into a real-world context. This practical and results-oriented VAT training course is based on adult learning concept. It incorporates short inspiring lectures with structured lessons from the learning manual; captivating PowerPoint slides with videos to enhance learning; ongoing discussions with action planning; ample time for Q&A; training activities to reinforce key concepts within a fun learning environment.

Pre & Post course assessments will be used to measure the effectiveness of this training.

COURSE CONTENTS

Module 1 -VAT Concept

  • KeyTopics:

    • 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

Module 2 - VAT Implementation

  • KeyTopics:

    • Reason behind VAT implementation
    • Impact of VAT on Economy
    • The difference of VAT in the UAE
    • Gulf VAT Framework

    VAT Registration

    • Rules for VAT Registration
    • Rules for VAT De-registration

Module 3 - VAT Calculation

  • KeyTopics:

    • 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

Module 4 -VAT Penalties

  • KeyTopics:

    • 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)

Module 5 - Invoices and Records

  • KeyTopics:

    • 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

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