Price: AED 1,500

Duration: 8 Hours

Timing: Flexible

Course Overview

This VAT – Value Added Tax course examines the rules and regulations that clearly demonstrates the procedures and controls that should be in place for the initial implementation, to ensure VAT returns are submitted accurately and to avoid penalties due the compliance and errors.
The training session will equip the participants with complete understanding , covering all the essentials aspects including the initial implementation in the business and will encourage the participants to deal with the implementation, compliance and return filing confidently.

The UAE has announced it will proceed with the implementation of a value-added tax (VAT) regime, which is planned to come into effect on January 1, 2018. It is expected that the rate of the VAT will be 5% on all goods and services, with some exceptions including basic food items, healthcare and education. The new tax will not be limited to the UAE, but rather will be implemented across the GCC-countries, although possibly at different rates and different implementation dates.

 

Extra Benefits

  1. A Training Pack containing the information presented on the day
  2. A Certificate of Attendance

 

Learning Outcomes

Upon the successful completion of this VAT course the participants should be able to:

  1. Understand the concept and its impact on the economy
  2. Understand the impact on the operational and the financial performance of the business
  1. Differentiate various types of supplies with reference
  2. Differentiate Input and Output
  3. VAT calculation and reconciliation
  4. Understand the impact on the Imports and Exports with the member countries (gulf region) and non-member countries (rest of the world)
  5. Prepare the invoices including VAT
  6. Understand the registration process and prepare required documents for registration
  7. Business strategic and operational planning to implement
  8. System mapping for implementation
  9. Understand administration, fines and penalties related to filing
  10. Identify common errors in calculation

 

Agenda

VAT Concept

  1. Concept
  2. Motive
  3. Input
  4. Output
  5. Supplies
    Goods –  Services

 

Categories of Supplies

  1. Taxable Supplies
  2. Reduce rated Supplies
  3. Zero rated Supplies
  4. Exempt Supplies

 

VAT and UAE

  1. Reason behind implementation of VAT in UAE
  2. Impact on UAE Economy
  3. Impact on the Businesses
  4. Why in UAE is different than rest of the world
  5. Gulf Framework

 

VAT Registration

  1. Rules for registration
  2. Rules for De-registration

 

VAT Calculation

  1. When should be accounted for?
  2. Calculating Input (Sales, Services and Gifts)
  3. Calculating Output (Purchases)

 

Short Case Study for the VAT calculation

VAT Administration

  1. Filing returns
    Schemes
        Timing for VAT Filing
  2. Claim for Refunds

 

VAT Penalties

  1. Late submission penalties
  2. Late payment penalties
  3. Error and penalties
  4. Default interest rate

 

VAT on Imports & Exports

  1. Calculating output on Imports from the member countries and non-member countries
  2. Calculating input on Export to member and non-member countries

 

Business Planning for VAT Implementation

  1. Business strategic planning
  2. Operational planning for implementation
  3. Implementation and its impact on Budgeting
  4. Accounting system mapping for implementation
  5. Compliance

 

VAT Invoices and Record Keeping

  1. Layout of the Invoice
  2. Charging on Invoice price
  3. Invoices Record Keeping

 

VAT Errors

  1. Pre-registration input VAT Calculation
  2. Relief Calculation
  3. Valuation of Supplies

 

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

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