VAT

What is VAT?

If you were to point out one recent event that made the global economy to turn its gaze towards the middle-east, you would easily find yourself thinking about the decision of the Gulf Coordination Council (GCC) to introduce VAT in Saudi Arabia, UAE and other neighbouring countries.

The inception of the Value Added Tax, or simply, VAT into the economy of the UAE, with effect from January 1, 2018, has left a certain segment of the society mulling over its need and impact on the people. While this is totally understandable as the introduction of such a tax is an event unprecedented in the recent history of the country, the fact that one should be aware with this system of taxation has been an ever-growing necessity in the recent times. It is not just an obligation for the people who are already working in the accounting and finance sectors of the market or are running a business of their own, but also is an indispensable piece of knowledge for the common people too, as no one, absolutely no one, is untouched from the market and the business policies of the country.

VAT, a 5% general consumption tax, is levied on a vast majority of transactions around goods and services alike. This is, without a doubt, going to result in a little hike in the costs of living of individuals but is rather subject to the spending habits of theirs. As far as business owners are concerned, they will have to sincerely document their business incomes, costs and the VAT charges that they are supposed to incur. The government has also elaborately laid out the criteria for the registration for VAT for businesses, as per their financial calibre.

About the Course

This course on VAT delivers exactly what is required of an individual to know about the newly levied tax, enveloping a large array of central and peripheral principles. Taking this course will help you know and understand the exact reasons why the tax has been levied, the vision behind such an iconic decision and the expected short-term as well as long-term outcomes of the same. Moreover, in this course, you will be able to learn, in detail, that which people, and/or which businesses are going to be affected the most and which ones the least. Also, you will be able to know, specifically, that which section of consumers is going to be affected and to what extent. Apart from this, the conditions and eligibility criteria for the registration for VAT as per their financial turnovers will be discussed in detail. The course will help the students to get a clear understanding of how the collection of the tax is planned and carried out, including the steps in the supply chain at which VAT is to be collected. The course will also cover all the information about the filing of the Value Added Tax return, including how to file a VAT return, when to file a return and of course, whether to file a return or not. Thus, the policies surrounding the exemption from the tax shall also be taught in detail. Using the aforementioned information and more, the students will be able to carry out VAT calculations on their own. Now, once all the technicalities are taken care of, the legal aspect, which includes the lawsuit coming into play after the commitment of errors in executing the taxation framework is also discussed in detail in the course. This will include all the penalties that are likely to come in the way.

Overall, the course is designed is such a way so as to make a student aware of all the aspects of the newly implemented taxation system, while focussing on everything small to big, covering the trivial, rather easy-to-understand aspects to the calculative part, covering all the intricate details that are required.

Who should take this course and why?

Taking this course will be the most beneficial to the individuals who are eyeing for an accounting role or a business managerial role in the market. It might be anything relevant to these from a job, consultancy, or even running one’s own business. The demand for personnel who are well-versed with the structure and function of this system of taxation is sure to witness a rise due to obvious reasons. Predictions have it that a vast majority of small and mid-scale businesses are going to have a large number of vacancies that would not be exhausted soon. Thus, if you want to book yourself a spot in this competitive arena of the market and prove your worth for the same, this is one course you should definitely consider taking up. People with a background in commerce, business administration, accountancy and IT will find this course particularly useful.

Taking into account the fact that many enterprise resource planning software packages already incorporate VAT modules specific to respective countries, people who can work at the interface of such softwares with VAT implementation are set to benefit phenomenally.

We at Rolla Academy want to empower the students. This will eventually make them great assets for the organization they are working in or the ones they aim to work in the future. Our courses are student centric and so are our timings. We understand that the professionals have a busy schedule and thus we alter us according to them. Students are free to choose the timings for their classes. To attend the classes at your convenience, book your batch now.