VALUE ADDED TAX(VAT)

Who should attend the course

·         Accounts Personnel

·         Finance Managers

·         Business Owners

·         Managers

·         Tax professionals and

·         Professionals who are preparing for the transformation of their business as VAT is     introduced in UAE and GCC.

Course Methodology

The training is going to be highly interactive combination of lectures, group discussions, questionnaires, individual reflections, role plays, simulations and videos

Course Content

Introduction

·         Tax

·         Types of tax

·         Direct tax

·         Indirect tax

What is Value Added Tax (VAT)?

·         Global Scenario of VAT

·         Overview on GCC VAT Framework

·         Amount on which VAT is chargeable

·         What are the rates of VAT?

VAT – Challenges to Businesses

·         Business Impact – Margins, Pricing & Cash Flows

·         Procurement – Cost, Price Hikes & Tax Saving Opportunities

·         Supply Chain – Maintaining Value Chain

·         Contracts: Renegotiation & Redrafting

·         Compliance – Governance & Control Issues

·         Impact on Individuals

Registering for VAT in UAE

• VAT returns and Liabilities
• Compliance requirements under VAT

 VAT Calculation

• VAT Calculation & Implication
• Input & Output Tax
• Standard Rated, Zero Rated & Exempt Supplies
• Calculation & Reporting Challenges
• Complex Transactions in VAT

How to prepare yourself for VAT implementation?

·         Updating your accounting systems

• Step by Step Journey to Jan 2018
• Pre Assessment – Review of Current State
• Impact Assessment – What, When, Why & How to Change
• Design Implantation – Phased Planning

Case Studies on VAT Implementation

Simulation Game: Participants will get a comprehensive review of VAT implementation ranging from Inventory Management to VAT processing, recording & periodical reporting in the form of a Board Game.