Value Added Tax(VAT) Course

Introduction to value-added tax

Basic characteristics of taxable supplies – goods and services

Taxable persons

Taxable amount – VAT rates and exemptions

Place of supply – Goods

Place of supply – Services

Deduction and recovery of input tax

Concept and motive of VAT

Input and Output VAT

Supplies, Goods and Services

Taxable Supplies

Reduce rated Supplies

Zero-rated Supplies

Exempt Supplies

Zero Rated Vs. Exempt

When to register for VAT?

Who should register for VAT?

Exceptions to VAT registration – when is it not required?

Mandatory vs Volunteer VAT registration

How do you consider the sale of Capital Assets when calculating a VAT threshold?

VAT registration applicability on non-residents

The concept of Group VAT registration

Date of Supply Rules under VAT

What are the special circumstances for the date of supply rules?

For consecutive supplies (e.g. construction contracts)

VAT considerations for selling exempt items

Impact of VAT exemption on certain industries

Residential buildings

Financial services

Local passenger transport

Exemptions and suspension of VAT for imports

When should VAT be accounted for?

Calculating Output VAT (Sales, Services, Charitable Contributions, and Gifts)

Calculating output VAT on exports

Calculating input VAT on imports

Data and documentation requirements for the filing of VAT returns

VAT return structure

Understanding the different elements of VAT return

Calculating and adjusting the Reverse Charged VAT

Rightful claiming of input VAT on expenses

Adjustment for the profit margin scheme

VAT refund application

VAT payment