Vat Gst Tax

General Concepts, Operations, Implementation and Accounting of VAT

Last updated 2022-01-10 | 3.8

- Learn Concept and Principles of VAT
- Know its implication in Saudi Arabia and gulf
- What is subject to standard rate
- zero rate or exempt.

What you'll learn

Learn Concept and Principles of VAT

Know its implication in Saudi Arabia and gulf

What is subject to standard rate

zero rate or exempt.

How to handle Export and Imports

How to do VAT Accounting for VAT Payable/ Receivable/ Neutral

How to handle discounts and adjustments

How to fill a VAT Return

* Requirements

* Degree or Diploma in Accounting/ Tax

Description

Tax Accountant are in high demand now in the Gulf as GCC is implementing VAT. This course helps the Accountants and the stakeholders to understand VAT Concepts and Operations and it provide guidance on VAT Accounting.

Value Added Tax is already implemented in most parts of the world and now it is Gulf's turn. So, in Gulf pre-implementation work has been completed and from January 01, 2018 all the registered business have started charging VAT on supplies of Goods and Services with in Saudi Arabia.

As the member states in GCC are negotiating to treat GCC on Single Territory Concept, the concept and rules are same in all states with minor exceptions hence this course will help prepare all the accountants and administrators in the Gulf for this implementation process.

After this course they will be equipped to respond to this implementation challenge and will lead their organization in the whole process as well as train their team to get best output and achieve organizational goals.

Who this course is for:

This course is for Accountants, Consultants and Administrators who manage VAT or going to manage it soon.

Course content

3 sections • 46 lectures

Introduction & VAT Concept 16 lectures

Introduction Preview 04:59

This lecture is for Introduction of VAT

What is VAT Preview 10:35

A Detail of What is VAT..

Introductions to Parties to VAT System Preview 08:52

An introduction to the Parties to the VAT System

Introduction to Registration With GAZT Preview 11:56

Introduction to Regulations for Registration and Deregistration

Introduction to VAT Flow Preview 09:00

This is a brief introduction of the VAT Flow

Introduction to VAT Rates Preview 10:26

This is the Introduction to VAT Rates implemented in the Gulf.

Revision of last 6 Lectures/ Introduction & VAT Concept Preview 39:27

This lecture elaborates the concept of VAT. At the end of the lecture, students will able to recognize:

1- What is VAT and how it works?

2- Who has to register for VAT?

3- What is Input Tax and Output Tax?

4- Who ultimately bears the burden of Tax?

5- How the details of Input & Output Tax are submitted to GAZT?

Questions - Lecture 1-6

Those students who have completed lecture 1-6 should attempt this quiz.

VAT in the World Preview 03:50

This lecture discusses if VAT is already being practiced in the world.

Scope of VAT Preview 10:24

This lecture discusses what is in the scope of VAT and what is not.

Claiming Input VAT Preview 11:04

Here we will discuss who can claim input VAT and who cannot claim.

TAX on End Consumer? Preview 10:04

With an illustration, we will try to understand how the ultimate burden is on the End-Consumer

Implementation Challenges Preview 11:30

Now we will learn how different department have these new challenges to respond to VAT.

Revision of Lecture 8-12/ VAT - Scope & Operations Preview 34:51

This lecture elaborated the Scope and operations of VAT. At the end of the lecture, students will be able to answer:

1- Which supplies are Taxable?

2- What are Zero-rated and Exempt Supplies?

3- The extent of the exemption on specific supplies.

4- Which businesses can claim the Input Taxes paid on their purchases.

Quiz for Lecture 8-12

Attempt this Quiz after the lecture # 8 to 12

Enlist all supplies under exempt and zero-rated

This is important to know what are exempt supplies and what are zero-rated, hence review the course and enlist these supplies.

VAT in International Trade and Special Items 16 lectures

VAT Impact on Types of Trades Preview 04:15

This lecture discusses different types of trades and VAT Impact.

Reverse Charge Mechanism (RCM) Preview 03:20

This lecture discusses RCM and its application.

VAT on Imports Preview 07:29

Here we will discuss types of Imports and how is VAT applied on these types.

VAT and Different Exports Preview 07:07

This lecture discusses different exports and VAT impact.

Illustration: VAT & International Trade Preview 08:15

In this lecture International Trade in relation to VAT Impact is illustrated.

Revision: VAT - International Trade. Preview 24:21

In This lecture we will learn how Import and Exports will deal VAT.

Quiz for Lecture 14-19

For practicing lecture No. 14 to lecture No. 19

Real Estates and Construction Preview 10:22

This lecture covers the special item Real Estates and Construction

Restricted Vehicles Preview 03:47

Entertainment Preview 03:53

This lecture discusses "Entertainment" under the Special Item

Catering Services Preview 04:02

This lecture discusses the "Catering Services" under the Special Item

Grand Fathering Preview 06:48

This lecture discusses the "Grandfathering" under the special Items, it is about old contracts.

Discounts Preview 05:16

This lecture discusses the "Discounts" under the Special Item

Revision: VAT - Special Items Preview 16:54

This lecture describes VAT on Real Estate, Vehicles, Entertainment and Discounts

Special Items - VAT Treatment

There are few special items for which there are some specific directions regarding VAT treatment and it is very important to learn them

Quiz for Lectures 20-26

Attempting this quiz will give you grip on VAT implementation for some special Items.

VAT Accounting and VAT Return 14 lectures

Accounting Information Preview 06:22

This lecture discusses the accounting information that must be available at any point of time.

Invoicing Preview 10:59

This lecture is about the information that an invoice must carry.

Simplified Invoicing Preview 03:24

This lecture discusses the simplified invoices that are accepted for small purchases.

Accounting Ledgers Preview 06:05

This is a brief about which ledgers are necessary and how the system can be designed.

Control Account Preview 08:48

This account discusses what is VAT Control Account and which information it should contain.

Revision: VAT Accounting Preview 23:20

At the end of this lectures student will have the ability to design and place VAT Ledger Accounts in the COA and will be able to better respond to VAT accounting Challenges.