Accounting for VAT

An agreement on a common VAT framework to be implemented across the GCC states is expected on 1 January 2018. In anticipation of the issuance of the final legislation, our 'Preparation for VAT' Series will help you begin to prepare for this change. The programme is designed to cover the principles of VAT, and its impact on individuals and businesses in the GCC. It demonstrates how VAT works and who is likely to be affected by its implementation throughout the GCC.

What will I learn?

By the end of this course, participants will understand:

• The mechanics of VAT calculations and VAT accounting
• What is Output and Input VAT?
• Different types of supply: Taxable, Exempt and Outside the scope of VAT
• The time and place of supply
• When to charge Output VAT?
• When to recover input VAT?
• The recoverability of input VAT
• Essential VAT records and documentation
• What does a VAT invoice look like?
• What documentation is required to reclaim input VAT?
• How to the complete a VAT return?

Target Audience:

This course is suitable for individuals working in roles up to finance assistant who are involved in accounts preparation and maintenance, and who need an understanding of how VAT is accounted for; from transaction through to VAT return.

How will I benefit from taking this course/what career paths will be open to me?

Using practical examples and case studies, this course enhances the understanding of the mechanics of VAT calculations and who should register for VAT, the goods and services VAT is likely to be taxable on and the VAT treatment applicable to different types of supplies.

E-learning modules are available to introduce the essential VAT concepts for newcomers to VAT, or as a refresher for those who have past experience in this area.