VAT-Value Added Tax Implementation in UAE

*Discounted Price for Corporate

Course Overview

The course examines the rules and regulations that clearly demonstrates the procedures and controls that should be in place for the initial implementation, to ensure VAT returns are submitted accurately and to avoid penalties due the compliance and errors.
The training session will equip the participants with complete understanding , covering all the essentials aspects including the initial implementation in the business and will encourage the participants to deal with the implementation, compliance and return filing confidently.

Extra Benefits

• A Training Pack containing the information presented on the day
• A Certificate of Attendance

Learning Outcomes

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

• Understand the concept and its impact on the economy
• Understand the impact on the operational and the financial performance of the business
• Differentiate various types of supplies with reference
• Differentiate Input and Output
• VAT calculation and reconciliation
• Understand the impact 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 registration process and prepare required documents for registration
• Business strategic and operational planning to implement
• System mapping for implementation
• Understand administration, fines and penalties related to filing
• Identify common errors in calculation

Agenda

• VAT Concept
• Concept
• Motive
• Input
• Output
• Supplies
• Goods
• Services

Categories of Supplies

• Taxable Supplies
• Reduce rated Supplies
• Zero rated Supplies
• Exempt Supplies

VAT and UAE

• Reason behind implementation in UAE
• Impact on UAE Economy
• Impact on the Businesses
• Why in UAE is different than rest of the world
• Gulf Framework

VAT Registration

• Rules for registration
• Rules for De-registration

VAT Calculation

• When should be accounted for?
• Calculating Input (Sales, Services and Gifts)
• Calculating Output (Purchases)

Short Case Study for the VAT calculation

• VAT Administration
• Filing returns
• Schemes
• Timing for VAT Filing
• Claim for Refunds

VAT Penalties

• Late submission penalties
• Late payment penalties
• Error and penalties
• Default interest rate

VAT on Imports & Exports

• Calculating output on Imports from the member countries and non-member countries
• Calculating input on Export to member and non-member countries

Business Planning for VAT Implementation

• Business strategic planning
• Operational planning for implementation
• Implementation and its impact on Budgeting
• Accounting system mapping forimplementation
• Compliance

VAT Invoices and Record Keeping

• Layout of the Invoice
• Charging on Invoice price
• Invoices Record Keeping

VAT Errors

• Pre-registration input VAT Calculation
• Relief Calculation
• Valuation of Supplies
• There will be various case studies discussed during the training session to clarify the concept, the implementation issues, avoiding the errors and proper treatment of the supplies.