Open Courses

Accounting for Value Added Tax (VAT) in GCC

Compliance, Application and Management

FV1

Introduction

The introduction of a Value Added Tax (VAT) in GCC countries has led to a requirement for companies to upgrade the skills of their accounting staff to fully understand and properly account for the VAT. This course will enable delegates to understand VAT and apply it in a practical manner.
This programme will cover the principles, techniques and skills involved in the systems required for VAT, its accounting and reporting to the authorities.

Who should attend

This course is designed for finance managers and financial controllers who need in-depth understanding of how the introduction of VAT will impact the operations of the finance department and for finance professionals, senior and middle-management internal auditors and project managers who need to help implement VAT into the organization’s systems.

COURSE PROFILE

Understanding Financial Strategy

  • Strategic Finance
  • Financial decision making and responsibility accounting
  • Asset valuation / Time Value of Money

Understanding Taxation Systems

  • An overview of VAT and its reasons for the introduction
  • Types of supply
  • Interpreting types of VAT - Standard, zero-rated, exempt, out of scope
  • Output VAT – Invoices, cash v credit sales and accounting for output VAT
  • Input VAT - Purchase invoices, cash purchases, expenses, accounting for input VAT

Accounting for VAT

  • Understanding the registration process
  • VAT accounting and calculating VAT
  • Accounting for input and output VAT
  • Operating a VAT control account
  • Budgeting & Forecasting Cash Flow
  • Producing and submitting VAT returns 
  • Trial Balance accounts for VAT returns
  • VAT penalties

VAT Management and Operations

  • Understand the impact of VAT on member countries (GCC) and non-member countries (rest of the world).
  • Managing Output VAT - Credit notes and discounts to customers, sales on consignment, returned goods, deposits, bad debts, sales of fixed assets, exports and contracts
  • Managing Input VAT - Credit notes from suppliers, discounts from suppliers, purchases of fixed assets, VAT on leases, imports, reverse charge and contracts    

Sources of Funds

  • Asset  / Liabilities
  • Other sources of income/funding 
SKILLS

At the end of the course participants will be able to:

  • Understand financial strategy and decision making
  • Show an awareness of the principles of the VAT system and understand their impact on the organisation
  • Account for VAT and budget for its impact
  • Understand the consequences of non-compliance with VAT requirements
  • Implement VAT procedures into your organisation's operations
  • Understand the impact of VAT in the region and on global operations
COMPETENCIES
  • Accounting for VAT
  • Budgeting and Forecasting
  • Financial Decision Making
  • Financial Strategy
  • Taxation
BOOKING

VAT: Courses held in London are subject to VAT at the current rate