Value Added Tax (VAT)
Course Overview
The Value Added Tax (VAT), is a tax on goods and services tax and defined as the general consumption tax and indirect tax that is collected incrementally, based on the value added to goods and services. Discover our comprehensive VAT course in Dubai, designed to equip you with the knowledge and expertise needed to navigate VAT regulations confidently.
VAT is a consumption tax because it is borne by the final consumer. It is not a charge on businesses. VAT is also an indirect tax as it is paid to the VAT authorities by the seller of the goods, who is the “taxable person”, but it is actually paid by the buyer to the seller as part of the selling price. Gain a deeper understanding of these concepts and more in our specialized VAT course in Dubai, tailored to provide comprehensive training on VAT principles and regulations specific to the UAE market.
GCC Vat is the most discussed issue in today’s Corporate World that requires a greater understanding.
GCC Market is expected to implement VAT (Value Added Tax) across businesses. As a result of this decision, all companies are expected to upgrade and enhance the accounting and finance knowledge of their staff in the related department. VAT will have an impact on all the supply chain starting from invoicing to data recording and the preparation of VAT returns forms.
Goal of Course:
In order to cope with market requirements and to be in a support for GCC market in general and to Saudi market in particular Leap To Success worked extensively hard on designing a unique interactive and practical workshop that provides the related staff with the needed skills and knowledge to help them implement the VAT requirements effectively. Our research team and our skilled and knowledgeable consultants prepared a unique detailed technical VAT course in Dubai that tackles multiple sources for the possible VAT treatment.
In general, our VAT course in Dubai and UAE will empower your staff with the needed knowledge of VAT mechanics and treatment of various services and supplies in GCC in general and KSA in particular, leading to more efficient handling of VAT within your organisation.
Duration:
3 days
Language:
English/Arabic
Training Objectives
- Understand VAT Detailed Concept
- Understand the key principles of VAT Accounting
- Understand the mechanics of how a VAT system works
- Understand VAT related business challenges through scenarios.
- Identify common errors in VAT calculation
- Understand VAT administration, fines and penalties related to VAT filing
- Understand the VAT registration process and prepare required documents for VAT registration
- Understand what are the main entities that are included in the VAT implementation
- Differentiate various types of supplies with reference to VAT
- Use the trial Balance to fill the VAT returns
- Understand the concept of VAT and its impact on the economy
- Assessing the Impact of VAT on the supply chain finance
- 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 essential knowledge on VAT Compliance
- Learn to implement impact assessments to be ready for the changes
- Documentation and Record Keeping Requirements
Module Outlines
Module 1: Introduction to Taxation
- What is Value Added Tax (VAT)?
- Taxation theory and its effect on the economy
- The impact of taxation on the purchasing Power Parity and its link to pricing
- Early Taxation in GCC
- Which sectors are subject to VAT
- VAT effects and obligations
- Value Added Tax (VAT) law – Discussing key highlights
- Case Study
Module 2: VAT principle
- Understand the history and the principles of VAT
- Differences between the VAT, GST and Sales Tax
- Advantages and disadvantages of VAT
- International rates of VAT
- Group VAT and how it works
- Case study
- Project presentation
Module 3: Implementation of VAT
- Reason behind VAT implementation
- Impact of VAT on KSA Economy
- Why VAT in KSA is different
- GCC VAT Framework
- Local Legislations
- Challenges in Framework & Member Countries Local Legislative
- Case Study practical implementation
Module 4: VAT Challenges and How it will Effect Business
- Cash Flows challenges, Margins, Pricing
- Procurement Cost, Price Hikes and Tax Saving Opportunities
- Maintaining Value Chain
- Renegotiation & Redrafting Contracts
- VAT Compliance
- Readiness in People and Technology
- Group Discussions: Interpretation Challenges & Remedies to VAT challenges given.
Module 5: Administration, Recording, and Calculation of VAT
- Input VAT and Output VAT
- Standard Rated, Zero Rated & Exempt Supplies
- Calculation and Categorization of VAT
- Calculation & Reporting Challenges
- The Impact of VAT on major industries in KSA
- Invoice Preparation including VAT calculation
- Impact of VAT on imports and exports
- VAT Registration process and documentation
- VAT Detailed Concept
- Practical implementation
Module 6: VAT Journey to Implementation
- Review of Business Current State
- Impact Assessment – To what extent VAT impacts your business, Why & How to Change
- Design Implantation – Phased Planning
Customized Learning
Leap To Success is offering a variety of learning options to meet current realities and can be adapted to suit your business needs. These options include variants of online, blended and on-site course formats.
Face To Face Learning
Enabling you to have a face to face interactive and engaging learning experiences led by renowned industry experts and thought leaders with extensive practical experience who will employ a variety of interactive learning techniques, including short high-impact videos, case studies, assessments, role plays, in addition to on-going support.
Virtual Learning Labs
Interactive online learning held in real-time using Zoom and are led by international subject matter experts who incorporate case studies, breakout rooms, guided practice, simulations and discussions to maximise your learning experience.
General Methodology
Similar to any L2S training program, this program offers an interactive learning experience in which will allow the delegates to reflect on their learning through an informative, indulging, and fun classroom experience. The design of the training session focuses on the following attributes.
- Concrete Experience: The delegates will learn by doing
- Reflective Observation: Reflecting on the newly experienced skill-set
- Abstract Conceptualization: Developing deeper understanding to the learned concepts
- Active Experimentation: providing the delegates with realistic tools that can be tested in the real life
Post the Training Stage
VAT training is based on interactive workshops and real business simulations in addition to application of knowledge. It will include:
- Quick questions to help you check your understanding as you progress
- Discussion forum questions to get you thinking about the main themes
- undergoing a project and assessment by the end of the training course.
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