VAT Accounting

Course Objectives

• Explain the concept and role of value added tax in the tax system.
• Explain the regulatory framework for value-added tax.
• Understand the basic concepts and calculation of tax base and rate
• Prepare tax reports.

Learning outcomes

• On successful  completion of this course, student should be able to:
• Define the subject of taxation according to value added tax regulations.
• Describe ways of applying the basic rules for the application of the VAT system.
• Apply tax regulations in determining the tax base
• distinguish specific calculation of VAT rates.
• Compare specific calculation for individual business areas.
• Connect knowledge and prepare tax returns of value added tax.

Course content

• Conceptual definition of value added for the purpose of taxation
• Subject to taxation
•  Tax base
• Tax rates
• Taxpayers
• Continued tax liability
• Input tax deduction
• Settlement of taxes and tax liabilities
• Tax return
• The basic rules for the application of the VAT system
• Exemption from payment of VAT
• Example VAT rate of 5% and the rate of 10%
• Export liberation
• Taxation own consumption
• Taxation granted and deposits received
• The application of VAT in certain sectors
• Filing a value added tax report
• Keeping records and monitoring
•  Books outgoing invoices
• Book entry accounts
• Fundamental instrument in the VAT system