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VAT and its Implementation

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This course is designed to raise the level of financial and accounting staff to correctly and fully understand VAT (Value Added Tax) and its impact on invoices, financial data entries and VAT recovery according to the different types of goods and services.

Target Audience:

Due to the significant impact of implementing VAT, this course targets a wide range of public and private sector employees such as:

  • Accounting staff, senior accountants, chief accountant and accounting managers,financial auditors and auditors.
  • Tax consultants and tax leaders.
  • IT professionals.
  • Business development managers and professionals interested in accounting and finance.

Objectives:

Understand the VAT law and implementation consequences on financial and accounting systems.

  • Learning the impact of  VAT implementation on your company's financial statements.
  • Assessing the impact of VAT on various business sectors.
  • Getting familiar with various methods for calculating VAT when you buy or sell goods or services.
  • Understanding the purposes of value added tax such as a list of the main conditions for VAT, taxable persons, taxable inputs and results in addition to tax-free resources.
  • Using the balance sheet to make up the shortfall in VAT.
  • Ability to construct a preliminary evaluation of the impact of applying VAT system on business operationally as well as from accounting point of view.

Assessment Strategy:

Participants will engage with case studies & exercises throughout the program.  Pre & post program assessments can also be arranged.

Day 1

Introduction: the purposes of VAT law and impact assessment on various business sectors.

  • Issuance of VAT invoice.
  • The look and content of VAT invoices.
  • The VAT process .
  • The differences between VAT, sales tax, selective taxation.

Day 2

The difference between zero taxable and tax exemption.

  • Tax deduction, tax benefit, tax refund, tax return, non-compliance fines.
  • Difference between cash and sales on account.
  • VAT records and documents to be maintained.
  • VAT accounting data entry.
  • Local procurement of goods and services.
  • Imported goods and services.
  • VAT on expenses.
  • Self-supply of goods and services.
  • VAT on sales.

Day 3

  • Handling customer exceptional cases such as:
Discounts.
Returned goods.
Replacement goods.
  • Interest on late payments to customers.
  • VAT restrictions on writing off bad debt.
  • VAT restrictions for the first instalment.
  • Dealing with damaged goods.
  • Sale for shipped items: dealing with the addressee and sender.
  • Application of VAT to leases: Operational and finance leases.
  • Purchases and sales of fixed assets.
  • Entities that provide activities not subject to value added tax system.
  • VAT recovery form.




1500 SAR

Including VAT

Course Number: BNK-WFI-202
Course Language: Arabic & English
Duration: 3 Day(s)