Preparing for Value Added Tax (VAT) Implementation in the GCC

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Preparing for Value Added Tax (VAT) Implementation in the GCC

This specially designed VAT training course provides the participants with knowledge of VAT and its impact on individuals and businesses in the GCC. This Strategic Axis training course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls that should be in place to ensure VAT returns are submitted accurately and on time.

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  • COURSE TYPE Foundation
  • COURSE NUMBER
  • DURATION 1 day
  • COURSE ACCREDITED BY

You will learn how to

The Gulf Cooperation Council (GCC) has agreed to implement a common Value Added Tax (VAT) framework across the member states as of 1st January 2018, marking the start of some of the most far-reaching changes in the region. Understanding the commercial impact of VAT, and the importance of setting a structured VAT implementation plan is critical for all businesses.

Important Course Information

Participants on the Preparing for VAT Implementation in the GCC training course will develop the following competencies:
• Complete understanding of VAT, covering all the essentials topics and giving them the confidence to know if they are dealing with VAT correctly.
• Develop their plan to successfully implement compliant VAT processes in their own organization

Modules:

Day 1 - Introduction to VAT

• What is Value Added Tax (VAT)
• Understand the concept of VAT and its impact on the economy
• Understand the impact of VAT on the operational and the financial performance
• Differentiate Accounting methods concerning VAT
• Calculate Input VAT and Output VAT
• Categorize the supplies for VAT calculation

Day 2 - Implications of VAT on Business

• Understand the impact of VAT on the Imports and Exports to the member countries (GCC) and non-member countries (rest of the world).
• Preparation of the invoices including VAT and returns
• Understand the VAT registration process and prepare required documents for VAT registration
• Understand VAT administration, fines and penalties related to VAT filing
• Industry-specific considerations
• Identify common errors in VAT calculation

Day 3 - Preparing for Implementation

• Preparing your implantation Road Map
• Pre-requisites & Preparation for businesses before VAT implementation
• Deadlines for compliance
• Risks of non-compliance
• VAT Challenges – Internal v/s External
• VAT Mitigation Strategies

  • In The Classroom

  • Live, Online

  • Private Team Training

  • Indiviual Private Session

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