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Description

The course will explain the common VAT framework which will form the basis for the introduction of a national VAT system by each Member State.  There are a number of challenges that still need to be addressed before VAT is introduced. This course aims to provide an understanding of VAT and its key components.

The course syllabus:

General course outline Syllabus
Introduction What is VAT?

VAT in UK, EU & US

VAT vs. Sales Tax

VAT is collected on…..

Exempt vs. Zero Rated

Output vs. Input VAT

VAT Rates local vs Intl comparison

 

VAT Process The VAT Process Explained

Registration

Collection

Penalties / Surcharges

Imports & Exports

UAE VAT VAT in the UAE & GCC

Why implement?

Phase I explained

Proposed exceptions explained

Thresholds explained

Federal Tax Authority (FTA)

What it will mean for businesses Responsibilities for businesses explained

Maintain records of VAT paid and received

VAT returns & reclaims

Adequate record keeping

Records of sales & purchases

VAT account

VAT invoices

Accounting for VAT

Common VAT Errors

Summary for sectors VAT Liability explained

Summary slides on each of the three sectors

Reclaiming VAT on purchases

VAT on travel, fuel and motor expenses

Challenges Assess Impact to existing systems and processes

Identify a VAT implementation strategy

Identify contracts & terms & conditions that require VAT action

Undertake training & awareness

Current bookings – what to do? Example

Next steps Key developments & timeline

Suggested next steps

Latest insight

Further Points

Basic terminology Glossary of key terms

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