(Click Category to List Courses)

24 - AAU - Accounting and Financial Auditing


AAU 141 - Preparing for Value Added Tax (VAT) in the GCC

Code Start Date Duration Venue Fees
AAU 141 10 November 2019 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 29 December 2019 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 12 January 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 09 February 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 08 March 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 05 April 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 31 May 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 28 June 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 19 July 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 23 August 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 20 September 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 18 October 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 15 November 2020 5 Days Istanbul $ 3950 Registration Form Link
AAU 141 13 December 2020 5 Days Istanbul $ 3950 Registration Form Link
DOWNLOAD PDF

 

Course Description

The Gulf States are now in the process of implementing a unified agreement on Value Added Tax (VAT). Now, for the first time, companies in the GCC will have to collect VAT. This will apply to every stage of the supply chain, from raw materials to the final product sold in stores. This course will serve as a guide for participants on how to introduce VAT into their companies, and how to carry on with it correctly and accurately. 

Course Objectives

  • Introducing Value Added Tax (VAT)
  • Preparing needed documents and resources for VAT 
  • Understanding the steps of calculating VAT 
  • Providing reports and statistics 
  • Examining some specific business fields considerations 

Who Should Attend?

  • Accounting professionals
  • Budget holders
  • Finance professionals
  • Stakeholders 
  • Managers 
  • Anyone who needs to know about organizational finance 

Course Details/Schedule

Day 1

  • VAT Basics
  • Introduction in the GCC 
  • Its impact on the economy
  • How VAT affects GCC Companies & businesses
  • How does VAT work?
  • Different types of VAT supplies
  • Amount of annual turnover necessitating VAT registration
  • Standard rate (5%) 
  • Zero rate (0%)
  • Exempt supplies

Day 2

  • Compliance requirements under VAT
  • Pre-requisites
  • Registering process and preparation of required documents
  • Calculating and reporting VAT Accounting methods concerning VAT
  • Preparation of the invoices

Day 3

  • Percentage of VAT
  • VAT administration, fines and penalties related to VAT filing
  • Industry-specific considerations
  • Scoping, planning and lead 
  • Internal and external resorting

Day 4

  • Technology and systems
  • Out-source or in-source of VAT returns
  • Ongoing compliance and review
  • Managing the implementation project
  • VAT and cash flow
  • Customs and international trade

Day 5

  • Specific industry considerations
  • VAT Challenges 
  • VAT Mitigation Strategies
  • Key lessons from a recent VAT implementation
  • Common errors in VAT calculation