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.
This specially designed VAT training course provides the participants with knowledge of VAT and its impact on individuals and businesses in the GCC. This EuroMaTech 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.
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 organisation.
WHO SHOULD ATTEND?
The Preparing for VAT Implementation in the GCC training course will benefit CFO’s, Finance Managers, Internal Auditors, Accountants, IT Managers, Procurement Managers, Managers of Accounts Payable or Accounts Receivable Departments, as well as Finance Professionals interested in developing their understanding of this new legislation
This EuroMaTech VAT training course will equally appeal to employees in the private, public and not-for-profit sectors.
As a result of attending the Preparing for VAT Implementation in the GCC training course, the participants will be able to:
- Gain an overview of VAT’s introduction in the GCC
- Develop a better understanding of VAT principles
- Know who is required to account for VAT
- Understand how to avoid VAT becoming a cost to business
- Appreciate the impact of VAT across all business units
- Have a roadmap on how to prepare the business for VAT
The Preparing for VAT Implementation in the GCC training course 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 hands-on Preparing for VAT Implementation in the GCC training seminar is structured to balance theoretical and practical considerations from implantation of new processes to the ongoing administration and management. It demonstrates how VAT works and who is likely to be affected by its implementation throughout the GCC.
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