The course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls that should be in place for the initial VAT implementation, to ensure VAT returns are submitted accurately and to avoid penalties due to the compliance and errors in VAT returns.
The training sessions will equip the participants with a complete understanding of VAT, covering all the essentials aspects including the initial implementation of VAT in the business and will encourage the participants to deal with the VAT implementation, compliance and return filing confidently.
Learning Outcomes
- Understand the concept of VAT and its impact on the economy
- Understand the impact of VAT on the operational and the financial performance of the business
- Differentiate between various types of supplies with reference to VAT
- Differentiate between Input VAT and Output VAT
- VAT calculation and reconciliation
- Understand the impact of VAT on the Imports and Exports with the member countries (Gulf region) and non-member countries (rest of the world)
- Prepare the invoices including VAT
- Understand the VAT registration process and prepare required documents for VAT registration
- Business strategic and operational planning to implement VAT
- System mapping for VAT implementation
- Understand VAT administration, fines and penalties related to the VAT filing
- Identify common errors in VAT calculation
Course Outline
VAT Concept
- Concept of VAT
- Motive for VAT
- Input VAT
- Output VAT
- Supplies
- Goods
- Services
Categories and Supplies
- Taxable Supplies
- Reduce rated Supplies
- Zero-rated Supplies
- Exempt Supplies
VAT and the UAE
- The reason behind VAT implementation in UAE
- Impact of VAT on UAE Economy
- Impact of VAT on the Businesses
- Why VAT in UAE is different than rest of the world
- Gulf VAT Framework
VAT Registration
- Rules for VAT registration
- Rules for VAT De-registration
VAT Calculation
- When should VAT be accounted for?
- Calculating Input VAT (Sales, Services, and Gifts)
- Calculating Output VAT (Purchases)
- Short case study for the VAT calculation
VAT Administration
- Filing VAT returns
- a) VAT Schemes
- b) Timing for VAT Filing
- Claim for VAT Refunds
VAT Penalties
- Late submission penalties
- Late payment penalties
- Error and penalties
- Default interest rate
VAT on Imports/Exports
- Calculating output VAT on Imports from the member countries and non-member countries
- Calculating input VAT on Export to member and non-member countries
Business Planning for VAT Implementation
- Business strategic planning
- Operational planning for VAT implementation
- VAT implementation and its impact on Budgeting
- Accounting system mapping for VAT implementation
- VAT Compliance
VAT Invoices and Book Keeping
- The layout of the VAT Invoice
- Charging VAT on the Invoice price
- VAT invoices Record Keeping
VAT Errors
- Pre-registration input VAT Calculation
- Relief Calculation
- Valuation of Supplies
Materials:
All materials will be provided
Validity Period:
All sessions are valid for 75 days upon booking
Age Requirements:
18 and older
Additional Info:
* Upon completion, participants have an option to choose between a KHDA attested certificate for AED 100 (OR) a certificate from the Institute for AED 50
Location:
Close to Ibn Battuta Mall
Office No. 901J
Ibn Battuta Gate Building
Jebel Ali Village
Dubai
