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Fundamentals of VAT
Fundamentals of VAT
Fundamentals of VAT
Fundamentals of VAT

A critical success factor for the VAT implementation will be upskilling yourself and your workforce with the right knowledge and skill-set in the coming months. With this in mind, PwC’s Academy, the education and training business of PwC, has designed a suite of fit-for-purpose VAT courses that cover the fundamentals of the new VAT legislation, it’s impact on business and the technical and financial acumen required to manage this change. We offer VAT courses in UAE, KSA and Qatar and these can be customised for in-house training across the GCC.

Fundamentals of VAT

It is essential that the finance team understands the principle rules of VAT in order to implement VAT efficiently and accurately across the organisation.

In this course participants will learn about VAT in an accounting system for both outputs (sales) and inputs (purchases and expenses) in the business, as well as accounting entries to record VAT. Individuals working with VAT at an operational level on the procurement or accounts payable side of a business will gain a clear understanding of input VAT and its recoverability. They will also gain an understanding of output tax and the key regulations surrounding collection of output VAT.

Participants will put into practice what they have learned using a range of case study scenarios and practical examples.

Fundamentals of VAT

This course is suitable for directors, department heads, chief financial officers, and entrepreneurs. It will also benefit any individual who works in the finance or tax department of the organisation or is involved in VAT implementation and compliance and wants an understanding of obligations and rights of the business.

Course structure

Participants will have a clear understanding of key concepts, such as:

General overview

  • An overview of the broader government strategy and objectives with regards to the VAT system
  • The recent VAT developments
  • The taxable person
  • Registration and deregistration requirements
  • What is a taxable supply and how to establish the taxable value of a supply?

Input VAT

  • When can Input VAT can be deducted?
  • What evidence or documentation is required in order to deduct Input VAT?
  • How much Input VAT can be deducted?
  • What Input VAT is not deductible?
  • Partial Exemption: when should an organisation apply the proportional deduction?
  • Limitation and exceptions to the right to deduct Input VAT on specific expenses (e.g. employee expenses, car expenses, business entertainment).

Output VAT

  • Rates of VAT (standard rate, zero rate, exemption)
  • How to calculate VAT on a VAT taxable transaction?
  • Valuation of a transaction for VAT purposes
  • When must VAT be accounted for (sale, export, bad debt relief, deemed supplies)

Accounting for VAT

  • VAT in the accounting system
  • When must VAT be charged?
    • Time of supply
    • Place of supply
  • What are invoicing procedures?
    • What is a VAT invoice, and when is a VAT invoice required?
    • Which transactions require VAT invoices (and which do not)?
    • What does a VAT invoice look like?
    • What information must the VAT invoice include?
    • Who is responsible for raising VAT invoices?
    • Electronic invoices, discounts, credit/debit notes
  • What are the accounting entries to record VAT?
  • Preparing the VAT return from the accounting records
  • What VAT records must be maintained?

Case studies

  • Practical scenarios and illustrative examples and their VAT treatment

Want to run this in-house?

There are no scheduled dates for this course. Fill out the form to check future dates or deliver the course in-house

Frequently asked questions

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