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Value Added Tax Implementation

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JA Ocean View Hotel

Dubai, Dubai

United Arab Emirates

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Gulf Cooperation Council (GCC) countries have agreed they will introduce Value Added Tax (VAT) at a rate of 5% in 2018, though the decision is yet to receive final approval before being implemented. The introduction of VAT represents a significant change in tax policy and will have a major impact on businesses across GCC. The program will provide a thorough understanding of the basic concepts and principles of VAT and how it operates internationally. When national VAT law of the country where the company is operating is issued, the program will be based on the content of the mentioned law and its secondary legislations. This course introduces the basics of Value Added Tax. As such, no great understanding of VAT is required as the course will build from the absolute basics through to some of the more complex issues such as exemption. The workshop does not focus on VAT as applied any one country but takes a global view.

Part 1
Introduction of VAT
»» Agenda
»» Updating on GCC’s VAT
Definition and Characteristics of VAT
»» VAT definition
»» VAT mechanism
-- Input VAT
--Output VAT
»» VAT terminology
-- Input VAT
--Output VAT
-- Zero rated
-- Exempt
--Out of scope
»» Advantages and disadvantages of VAT
Scope of the tax
»» Taxable transactions(supply of goods and
services)
-- Taxable goods
-- Taxable services
»» Chargeability of VAT
»» Liability for VAT
»» Taxable persons
-- Threshold
»» Place supply of goods and services
»» Time of supply
»» Import transactions
VAT calculation
»» Tax rate
»» Taxable base
Case study: Determining registration date

Part 2
Exemptions from VAT, Zero rated and Out of scope
»» Exempted activities
»» Exempted goods
-- Local
-- Import
»» Zero rated
--Goods
--Activities
»» Out of scope
Reverse charge and deductibility of VAT
»» Reverse charge
»» Right to deduct
»» Apportionment of Input VAT and Pro-rata (Direct
Allocation, Proportional Deduction)
Case study : Calculation of the rate of recoverability
VAT taxpayers and their obligations
»» Registration
»» Filing obligations
-- Periodical VAT returns
-- Payment of VAT due
--VAT claims
--Non compliance
»» Reporting
--VAT GL accounts
-- Books and records
--VAT Invoices
-- Supporting information for VAT deduction

Part 3
Special cases of VAT
»» Cash Business
»» Obligations for non residents
»» Jewellery special schemes
»» VAT refund for tourists
»» VAT refund for non resident businessmen
»» VAT refund on transactions made by diplomatic bodies consulates and international organizations
»» Adjustments arising from changed use of goods or services – output tax
VAT Trends and Communication Strategy
»» Lebanon experience
VAT Fraud - Discovery and Reporting
Case study: Exercices and group discussion
Wrap-up and Self test

Feel free to get in touch at arianda.a@leoron.com or give us a toll free call at tel: +971 800 536766

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JA Ocean View Hotel

Dubai, Dubai

United Arab Emirates

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