VAT Workshop

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

VAT Workshop Outline:

To Identify the Information required to be presented in the VAT Return Form.?
Preparation of VAT Reconciliation.
VAT on group transactions
VAT on the import of Goods under Reverse Charge Mechanism
VAT on the import of Services
VAT on expenses
What are non-admissible expenses subject to VAT?
Treatment of Out of Scope business transactions
VAT exempt business transactions
Record Keeping process
Treatment of VAT on Bad Debts
Filing online VAT Return

Learning Outcomes:

Understand the VAT registration process and prepare the required documents for VAT registration
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 bring a change in the Accounting system
How VAT is to be treated by the Accounting System
Differentiate Input VAT and Output VAT
Prepare the invoices including VAT
Make sure that your company has the most streamlined VAT management
Identify common errors in VAT calculation
Filing VAT Return