VAT Basic Accounting
On the 1st of January, 2018 the Value Added Taxes (VAT) will be implemented across the GCC states. This course provides the needed knowledge to the concerned departments for VAT implementation, highlighting on the terms and principles of VAT. It will also provide the participant with the skills needed to properly account for the VAT for products and services.
· List major terms of VAT such as a taxable person, input VAT, output VAT, exempt supplies and much more
· Recognize the effect of VAT adoption on their company’s financial statements
· Accounting for VAT on purchase and sales of goods or services whether the entity is registered in VAT or not
· Use the company’s trial balance to fill up a VAT return
· Formulate a preliminary assessment of impact of VAT adoption on operations and accounts
· Basic mechanics of VAT
– Definition of VAT
– input and output VAT calculations
· Persons and entities subject to VAT
· Different types of supply
– Taxable supplies: products and services
– Exempt supplies outside the scope of VAT
– Zero-rated supplies
– Deemed supplies
· Place of supply: local versus export
· VAT on sales charged on delivery, invoice or payment date
· VAT on goods and services received
– Local delivery
– Imported goods and services
· Taxable amount: which amount is subject to VAT
– Discounts and free goods treatment
· The party liable to pay VAT
Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, tax consultants, tax, business development managers and other professionals.