Gulf Cooperation Council (GCC) states are adopting a common Value Added Taxes (VAT) framework from 1^st January, 2018.

This course is designed for non-VAT professionals who are involved in making key commercial, real-world business decisions that have a VAT consequence as they will be adopted and implemented in the GCC. This course is designed to give accounting, finance, sales and purchasing departments and logistics professionals a comprehensive overview of the VAT system.

The VAT course at Synergic was created to ensure that you have a thorough understanding of the fundamentals of VAT, including areas where the most common mistakes happen. It also includes the latest information and legislation to ensure that you are up to speed with the most recent amendments. The course is practical and example-focused, and will allow you to immediately implement what you have learnt.

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories and group exercises to exchange experience and apply knowledge acquired throughout the course.

Course Objectives

The Objective is to enable enterprises effectively manage the complexity and uncertainty that typically accompany VAT obligations across UAE through a structured training program. By the end of the course, participants will be able to:

• Explain how to account for VAT on purchase and sales of goods or services whether the entity is registered in VAT or not
• Use the company’s trial balance to fill up a VAT return
• Formulate a preliminary assessment of impact of VAT adoption on operations and accounts

Target Audience

Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, tax consultants, tax preparers, IT professionals, business development managers and other professionals in any of the company’s functions

Key Take Away

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

• Understand the concept of VAT and its impact on the economy
• Understand the impact of VAT on the operational and the financial performance of the business
• Differentiate various types of supplies with reference to VAT
• Differentiate Input VAT and Output VAT
• Categorize the supplies for VAT calculation
• Understand the impact of VAT on the Imports and Exports to the member countries (gulf region) and non-member countries (rest of the world)
• Prepare the invoices including VAT
• Understand the VAT registration process and prepare required documents for VAT registration
• Understand VAT administration, fines and penalties related to VAT filing
• Identify common errors in VAT calculation

What you Will Get

• Comprehensive case study to cover all the aspects of VAT
• Seminar Pack containing the information presented on the day
• Certificate of Participation

Course Outline

VAT CONCEPT
Concept and motive of VAT
Input and Output VAT
Supplies, Goods and Services

CATEGORIES OF SUPPLIES
Taxable Supplies
Reduce rated Supplies
Zero rated Supplies
Exempt Supplies
Zero Rated Vs. Exempt

VAT AND UAE
Reason behind VAT implementation
Impact of VAT on UAE Economy
Why VAT in UAE is different?
Gulf VAT Framework

VAT REGISTRATION
Rules for VAT registration
Rules for VAT De-registration

VAT CALCULATION
When should VAT be accounted for?
Calculating Input VAT (Purchases)
Calculating Output VAT (Sales, Services & Gifts)

VAT ADMINISTRATION
Filing VAT returns
VAT Schemes
Timing for VAT Filing
Substantial traders
Claim for VAT Refunds

VAT PENALTIES
Late payment/ submission penalties
Error and penalties
Default interest rate

VAT ON IMPORTS/ EXPORTS
Calculating output VAT on Exports
Calculating input VAT on Imports
(Member countries and non-member countries)

VAT INVOICES AND RECORDS
Layout of the VAT Invoice
Charging VAT on Invoice price
VAT invoices Record Keeping

VAT ERRORS
Pre-registration input VAT Calculation Relief Calculation
Valuation of Supplies