VAT-Value Added Tax Implementation

The course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls that should be in place to ensure VAT returns are submitted accurately and on time.

Upon the successful completion of this course the participants should be able to:

• 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 various types of supplies with reference to VAT
• Differentiate Input VAT and Output VAT
• Categorize the supplies for VAT calculation
• Understand the impact of VAT on the Imports and Exports to 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
• Understand VAT administration, fines and penalties related to VAT filing
• Identify common errors in VAT calculation