Course Details

Value Added Tax (VAT) is a consumption tax assessed on the value added to Goods and services. 

VAT is a self-assessed tax and it is the responsibility of all entities to put into place the correct systems, processes and controls to ensure that VAT on relevant transactions is recorded and reported accurately, as required by the VAT regulations, and where applicable, the correct payments are made to the authorities on a timely basis.

Outline:

• a. Introduction

• b. GCC VAT Framework

• c. VAT Legislation & Regulations

• d. Important Terms and definitions

• e. Types of Supplies /Deemed Supply/Composite Supply/Place of Supply/Date of Supply/Value of Supply

• f. Standard Rate Supply/Zero Rate Supply/Exempted Supply/Out of Scope Supply

• g. Export/Direct Export/Indirect Export

• h. Registration & De-Registration

• i. Capital Assets Scheme

• j. Designated Zones

• k. Reverse Charge Mechanism-RCM

• l. Tax Calculation/Recovery and Adjustments

• m. Returns/Tax Invoice/Credit Notes

• n. Treatment of Imports and Exports

• o. Transitional Rules

• p. Record keeping & Accounting

• q. VAT Planning & Implementation

• r. Impact assessment • IT and systems • Finance Administration • Contract pricing • Supplier management • Communications and training

• s. Impact on Cash Flow-special emphasis

• t. Fees Structure for services

• u. Violations and Penalties

• v. Impact on various Sectors

Training Achievements:

• Presentation slides
• Full lifetime skills
• Certificate of Completion
• KHDA Approved Certificate