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Certificate in Value Added Tax Implementation
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English
Intermediate
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Course Overview
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
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
Key Takeaways
1
Understand the basic concepts and calculation of tax base and rate.
2
Discuss some advantages and disadvantages of the VAT.
3
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.
4
Identify how VAT applies to international transactions of both goods and services.
5
Explain the impact of exemption in VAT and how tax is calculated by businesses that deal in exempt supplies.
National Association of State Boards of Accountancy
LEORON Professional Development Institute DMCC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org
Course Outline
Part 1
Introduction of VAT
Agenda
Updating on GCC’s VAT
Updating on GCC’s VAT
Definition and Characteristics of VAT
→ VAT definition
→ VAT mechanism
• Input VAT
• Output VAT
→ VAT terminology
• Input VAT
• Output VAT
• Zero rated
• Exempt
• Out of scope
→ Advantages and disadvantages of VAT
→ VAT mechanism
• Input VAT
• Output VAT
→ VAT terminology
• Input VAT
• Output VAT
• Zero rated
• Exempt
• Out of scope
→ Advantages and disadvantages of VAT
Scope of the tax
→ Taxable transactions (supply of goods
and services)
• Taxable goods
• Taxable services
→ Chargeability of VAT
→ Liability for VAT
→ Taxable persons
• Threshold
→ Place supply of goods and services
→ Time of supply
→ Import transactions
and services)
• Taxable goods
• Taxable services
→ Chargeability of VAT
→ Liability for VAT
→ Taxable persons
• Threshold
→ Place supply of goods and services
→ Time of supply
→ Import transactions
VAT calculation
→ Tax rate
→ Taxable base
Case study: Determining registration date
→ Taxable base
Case study: Determining registration date
Part 2
Exemptions from VAT, Zero rated and Out of scope
→ Exempted activities
→ Exempted goods
• Local
• Import
→ Zero rated
Goods
• Activities
→ Out of scope
→ Exempted goods
• Local
• Import
→ Zero rated
Goods
• Activities
→ Out of scope
Reverse charge and deductibility of VAT
→ Reverse charge
→ Right to deduct
→ Apportionment of Input VAT and Prorata (Direct Allocation, Proportional
Deduction)
Case study: Calculation of the rate of recoverability
→ Right to deduct
→ Apportionment of Input VAT and Prorata (Direct Allocation, Proportional
Deduction)
Case study: Calculation of the rate of recoverability
VAT taxpayers and their obligations
→ Registration
→ Filing obligations
• Periodical VAT returns
• Payment of VAT due
• VAT claims
• Non compliance
→ Reporting
• VAT GL accounts
• Books and records
• VAT Invoices
• Supporting information for VAT deduction
→ Filing obligations
• Periodical VAT returns
• Payment of VAT due
• VAT claims
• Non compliance
→ Reporting
• VAT GL accounts
• Books and records
• VAT Invoices
• Supporting information for VAT deduction
Part 3
Special cases of VAT
→ Cash Business
→ Obligations for non residents
→ Jewellery special schemes
→ VAT refund for tourists
→ VAT refund for non resident businessmen
→ VAT refund on transactions made by diplomatic bodies consulates and international organizations
→ Adjustments arising from changed use of goods or services – output tax
VAT Trends and Communication Strategy
VAT Fraud - Discovery and Reporting
Case study: Exercices and group discussion
Wrap-up and Self test
→ Obligations for non residents
→ Jewellery special schemes
→ VAT refund for tourists
→ VAT refund for non resident businessmen
→ VAT refund on transactions made by diplomatic bodies consulates and international organizations
→ Adjustments arising from changed use of goods or services – output tax
VAT Trends and Communication Strategy
VAT Fraud - Discovery and Reporting
Case study: Exercices and group discussion
Wrap-up and Self test
Who Should Attend?
This highly practical and interactive course has been specifically designed for
→ CEO/CFO/COO/CIO
→ Tax directors
→ Financial controllers/managers
→ Procurement managers
→ Legal and contract affairs professionals
→ Information technology managers
→ Sales and marketing managers
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FAQ
What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.