VAT Advanced

GCC countries have decided to implement Value Added Tax in the entire region through a treaty signed by all member countries. UAE has already implemented the VAT laws and regulations with effect from January 1, 2018, along with Kingdom of Saudi Arabia followed by Kingdom of Bahrain in 2019. The Sultanate of Oman is the 4th country in the GCC region to introduce the VAT regime.

This VAT training program is designed for people who are looking to understand the new system of Value Added Taxation and its practice as per the regulations of the federal authorities

This Course contains Practical Work involving Practical Hands-On, Lab Assignments, and Real World Case Studies. This Practical Work can be done at your own pace.

VAT Advanced Outline:

Scope of Tax
Supply of Goods & Services
Deemed Supplies
VAT Registration
Date of Supply Rules
Place of Supply Rules
Value of Supply Rules
Profit Margin Scheme
Zero-rate Supply of Goods & Services
Industry-wise Impact of Zero-rated Supply of Goods & Services
VAT Exemptions
Single & Mixed-use Supply
Reverse Charge Mechanism and VAT on Imports
Designated Zone & It’s VAT Impact
VAT Calculation & Payment of VAT
Partial VAT Exemption
Capital Asset Scheme
Reversal/Adjustment of Output VAT
Tax Invoice & Tax Credit Note
Violations & Penalties
Record Keeping process

Learning Outcomes:

Understanding ‘What is VAT? and How it works and its impact on the economy
Introduction and relevance of VAT to your role and industry
How VAT will change the Accounting system
How VAT is to be treated by the Accounting System
Understand the impact of VAT on the operational and financial performance of the business
Differentiate various types of supplies with reference to VAT
Differentiate Input VAT and Output VAT
Categorize the supplies for VAT calculation
Prepare the invoices including VAT
Understand the VAT registration process and prepare the required documents for VAT registration
Understand VAT administration, fines and penalties related to VAT filing
Save on unnecessary legal expenses that occur due to VAT violations
Make sure that your company has the most streamlined VAT management
Identify common errors in VAT calculation