The Value Added Tax, or VAT, is a consumption tax assessed on the value added to goods and services. It applies more or less to all goods and services that are bought and sold for use or consumption
Micro Training Center provides principles of Value added Tax (VAT) course in a comprehensive manner, for those who wish to understand the VAT concept in detail and VAT implementation to the various business entities.
The course will cover principles of Value added Tax (VAT) in a comprehensive manner, for those who wish to understand the VAT concept in detail and VAT implementation to the various business entities.
This course will provide a clear definition of a taxable entity, what constitute a taxable supply for VAT purposes and how a business can deduct the VAT it incurs. The course will further stress on the output tax & input tax, impact of exemptions and tax calculation, VAT administration and risks behind improper VAT management. There is also a dedicated section focusing on the VAT implications of cross-border supplies.
Throughout the course, a comparison between the VAT systems, with examples from different jurisdictions worldwide, will be provided in order to compare and contrast different regimes.
CFOs
COOs
Accountants
Managers / Senior Managers
Finance Managers
Finance Controllers
Internal Auditors
Cost and Budgeting Managers
Sales Managers
Procurement Managers
Associate Staff Dealing in Payable and Receivables
| Lesson-1: | VAT Concept & Background |
| Lesson-2: | VAT Categories of Supplies |
| Lesson-3: | VAT Registration |
| Lesson-4: | VAT computation |
| Lesson-5: | VVAT administration |
| Lesson-6: | VAT Transactions & documentation |
| Lesson-7: | VAT Import & Export |
| Lesson-8: | VAT Returns, Invoices, Records, Penalties |
Understand broader objective behind VAT concept.
Describe VAT Concept, Tax classification Supplies, Goods and Services VAT & Sales tax Implementation challenges.
Understand the computation framework in VAT.
Define taxable person, what a taxable supply is? , and how to establish the taxable value of a supply.
Understand VAT account creation, registration and de-registration process and further understand adding information and manage it for filling.
Describe VAT accounts, Rules for VAT registration & VAT De-registration, Describe Group registration and various VAT Exemptions.
Describe the way in which VAT operates, particularly in respect of output tax and input tax, in such a way that it remains neutral in its application by businesses.
Define VAT Tax points, Describe Input Tax & Output Tax, Acquisitions and dispatches, Imports and exports.
Make computations of VAT.
How to perform VAT calculations and apply VAT accounting, Time of supply rules and tax points in Bahrain, Invoicing and Disbursements.
Identify how VAT applies to international transactions of both goods and services and how the system allows by ensuring that imports and exports are neither advantaged nor disadvantaged over domestic supplies by applying Double Tax treaty.
Describe VAT applicability on the Import & Export.
Categorize some of the more important administrative issues that VAT requires.
Filing VAT returns, the timing for VAT, Filing VAT Return Filing Demo, Claim for VAT Refunds.
Recognize how to plan VAT balance.
Define VAT & Business cash flow.
Identify the risks behind improper VAT management.
How to create VAT returns, What VAT Schemes are available, what is the Timing for VAT Filing, and Substantial traders & Claim for VAT refunds.
VAT documentation, administration & VAT return.
Generating and maintaining VAT documentation.
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