The GCC VAT Framework: Compliance, Implementation & Management

This two day workshop is highly interactive and practical. Participants learn through a range of teaching and personal development methods including presentations, tutorials, and worked examples. Active participation and involvement is encouraged throughout the training course to promote the sharing of ideas and expertise within the group.

This workshop will feature:

  • Develop a better understanding of how VAT applies through the supply chain
  • Know how to account for VAT
  • Understand how to avoid VAT becoming a cost to your business
  • Appreciate the impact of VAT across all your business units

Description

This two day workshop is highly interactive and practical. Participants learn through a range of teaching and personal development methods including presentations, tutorials, and worked examples. Active participation and involvement is encouraged throughout the training course to promote the sharing of ideas and expertise within the group.

This workshop will feature:

  • Develop a better understanding of how VAT applies through the supply chain
  • Know how to account for VAT
  • Understand how to avoid VAT becoming a cost to your business
  • Appreciate the impact of VAT across all your business units

How will this Workshop be Presented?

This workshop combines theory and practice. We use company examples to illustrate how the techniques presented have been applied in real case studies. The purpose is to use a mix of proven learning techniques to ensure maximum understanding, comprehension and retention of the information presented.

The Course Content

DAY ONE

  • Introduction to VAT & Compliance
  • Meaning of VAT
  • The new legislation
  • Risks of non-compliance
  • Understand the concept of VAT and its impact on the economy
  • Understand the VAT registration process and prepare required documents for VAT registration
  • Pre-requisites & Preparation for businesses before VAT implementation
  • Differentiate Accounting methods concerning VAT
  • Calculate Input VAT and Output VAT
  • Categorise the supplies for VAT calculation
  • VAT Challenges “ Internal Vs External

DAY TWO

  • VAT Mitigation Strategies
  • Cash Flow and VAT
  • Understand the impact of VAT on the Imports and Exports to the member countries (GCC) and non-member countries (rest of the world).
  • Understand the impact of VAT on the operational and the financial performance of the business
  • Preparation of the invoices including VAT and returns
  • Understand VAT administration, fines and penalties related to VAT filing
  • Industry-specific considerations
  • Identify common errors in VAT calculation












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