This specially designed VAT Training program 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 training 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. The VAT Training is developed to equip your team to adequately embrace the VAT requirements in Global context. The introduction of VAT represents a significant change in tax policy and will have a major impact on businesses across GCC.
The program will provide a thorough understanding of the basic concepts and principles of VAT and how it operates internationally. When national VAT law of the country where the company is operating is issued, the program will be based on the content of the mentioned law and its secondary legislations.
This course introduces the basics of Value Added Tax. As such, no great understanding of VAT is required as the course will build from the absolute basics through to some of the more complex issues such as exemption. The workshop does not focus on VAT as applied any one country but takes a global view.
COURSE KEY TAKEAWAYS
- Understand the basic concepts and calculation of tax base and rate.
- Discuss some advantages and disadvantages of the VAT.
- Describe VAT mechanism, particularly in respect of output tax and input tax, in such a way that it remains neutral in its application by businesses.
- Identify how VAT applies to international transactions of both goods and services.
- Explain the impact of exemption in VAT and how tax is calculated by businesses that deal in exempt supplies.
WHO SHOULD ATTEND THE VALUE ADDED TAX IMPLEMENTATION WORKSHOP?
- Tax directors
- Financial controllers/managers
- Procurement managers
- Legal and contract affairs professionals
- Information technology managers
- Sales and marketing managers
Introduction of VAT
Definition and Characteristics of VAT
Scope of the tax
Exemptions from VAT, Zero rated and Out of scope
Reverse charge and deductibility of VAT
VAT taxpayers and their obligations
Special cases of VAT
VAT Trends and Communication Strategy
VAT Fraud – Discovery and Reporting
Wrap-up and Self test