10:00 AM - 10:05 AM
Registration and Welcome Drinks.
10:05 AM - 11:45 AM
Talk of the Town : VAT BACKGROUND AND ECONOMICS
• The VAT Law and Executive Regulations
• Understanding the LAW and its structure
• Be able to explain the key principles of the VAT Directive.
• Demonstrate an understanding of the VAT Directive which is to be implemented into national legislation.
• VAT Rate
• Improve your knowledge of the background of your national legislation.
VAT Territory & GCC
• Know what the VAT Territory is, and be able to distinguish between what is and what is not part of the VAT Territory
• Making supplies to non GCC states
• Be able to understand the concept of customs territory
• Understand the difference between the customs territory and the VAT Territory
• Use the VAT directive to determine the exact territorial scope.
Talk of the Town: VAT Administration & Calculations
How to create online profile
• Differentiate Input VAT and Output VAT
• Categorize the supplies for VAT calculation
• Understand the VAT registration process and prepare required documents for
• Know the obligations that taxable persons and certain non-taxable persons need to respect:
• Obligation to pay
• Appointment of tax representative
• Payment arrangements
• Handling with notices, audit, assessment and appeals.
VAT- Import & Export
• Describe the different rules that govern the place of supply of goods.
• Explain the two basic rules and other specific rules governing the place of supply of services.
• Identify the particular rule that governs the place of an intra-Community acquisition of goods and a variation to the rule.
• Identify the general rule that governs the place of importation of goods.
11:45 AM - 12:00 PM
Instant Tea/coffee and Networking
12:00 PM - 01:45 PM
VAT Taxable person
• Identify who qualifies as a taxable person.
• Differentiate the taxable person, the person liable for payment and the final consumer.
• Define the variety of persons who can become liable for payment.
• Understand what reverse charge is and when it is used.
• Understand what an exemption is.
• Dealing with Exemptions
• Difference between Exemptions and Zero-Rated Supplies
• State what an exemption may mean for the principle of tax neutrality in the supply chain.
• Identify the position of the exemptions in the structure of the VAT Directive.
• Identify the different types of exemption, with particular regard to the right of deduction. • Understand the difference of zero rated and exempted goods and services.
Popular in Demand: Accounting for VAT, Adjustment of Accounting softwares
• Payment and Repayment of VAT
• Due date for payments on account
• VAT Reconciliations
• Bad debts (problems, conditions and requirements)
• How accounting and VAT go side by side
• Be able to define the terms supply of goods, intra-Community acquisition of goods, supply of services and importation of goods.
• Sample of VAT Invoice (exercises)
• Special Record Keeping Requirements
• VAT Return Preparation
• Calculation of taxable figure in complicated cases
• VAT penalties
• Provisions for the VAT refund
• Procedures for applying for a VAT refund
• VAT in group of companies
01:45 PM - 02:00 PM
Refreshments & Networking
02:00 PM - 02:55 PM
HOW VAT WILL IMPACT YOUR BUSINESS
• Measuring the VAT Gap
• Controlling the flow of information in the department/ clients
• Strategic tax planning
VAT on Real estate
VAT on Construction
02:55 PM - 03:00 PM
03:00 PM - 03:15 PM
Questions & Answer session
03:15 PM - 03:30 PM
Closing Remarks- End of the day