Inquiry

The program will provide a thorough understanding of the basic concepts and principles of VAT and how it operates internationally. When national VAT law of the country where the company is operating is issued, the program will be based on the content of the mentioned law and its secondary legislations.

By attending this highly practical workshop, you will:

Understand the basic concepts and calculation of tax base and rate.
Discuss advantages and disadvantages of the VAT.
Describe VAT mechanism, particularly in respect of output tax and input tax, in such a way that it remains neutral in its application by businesses.
Identify how VAT applies to international transactions of both goods and ;
Explain the impact of exemption in VAT and how tax is calculated by businesses that deal in exempt supplies.

Introduction of VAT

Agenda
Updating on GCC’s VAT
Definition and Characteristics of VAT
VAT definition
VAT mechanism
Input VAT
Output VAT
VAT terminology
Input VAT
Output VAT
Zero rated
Exempt
Out of scope
Advantages and disadvantages of VAT

Scope of the Tax

Taxable transactions(supply of goods and services)
Taxable goods
Taxable services
Chargeability of VAT
Liability for VAT
Taxable persons
Threshold
Place supply of goods and services
Time of supply
Import transactions
VAT calculation
Tax rate
Taxable base

Exemptions from VAT, Zero rated and Out of scope

Exempted activities
Exempted goods
Local
Import
Zero rated
Goods
Activities
Out of scope
Reverse charge and deductibility of VAT
Reverse charge
Right to deduct
Apportionment of Input VAT and Pro-rata (Direct Allocation, Proportional Deduction)
Registration
Filing obligations
Periodical VAT returns
Payment of VAT due
VAT claims
Non compliance
Reporting
VAT GL accounts
Books and records
VAT Invoices
Supporting information for VAT deduction

Special cases of VAT

Cash Business
Obligations for non residents
Jewellery special schemes
VAT refund for tourists
VAT refund for non resident businessmen
VAT refund on transactions made by diplomatic bodies consulates and international organizations
Adjustments arising from changed use of goods or services – output tax
VAT Trends and Communication Strategy
Lebanon experience

VAT Fraud – Discovery and Reporting