Value Added Tax Ksa Uae Bahrain Gcc

All you need to know for VAT in Oman, KSA, UAE & Bahrain

Last updated 2022-01-10 | 4.3

- Understand the principles of VAT and how it operates
- Pricing products and services considering VAT impacts
- Use VAT basics for improved business decision-making

What you'll learn

Understand the principles of VAT and how it operates

Pricing products and services considering VAT impacts

Use VAT basics for improved business decision-making

The impact of VAT on businesses and transactions

Compliance and filing obligations for businesses

Understand the foundation of VAT to understand specific VAT laws applicable to your Industry

Boost in your career with in-demand skills

* Requirements

* Understanding of Business

Description

VAT is introduced in GCC, and 4 of the member countries already implemented Value Added Tax (VAT); however, the remaining are planning to implement it in the near future.

This course will help you to understand VAT basics and techniques. Knowledge of VAT not only helps you stand out from others in your organization, but it will get you ready for the next level. If you are looking for a career, this course will definitely be a plus over your academic and professional qualifications.

By the end of this course, you will be able to understand the VAT mechanism, VAT terms, their operations and accounting with practical examples. Once you get the basics right, you can apply the specific VAT laws and regulations to any organization or business.

Who this course is for:

Accountants
Business owners
Tax Managers and Advisors
Finance Manager
Accounts Payable and Accounts Receivable Team Employees
Budget & Cost Managers
Procurement and Sales Employees
Students of Accounting, Cost Management & Tax

Course content

1 sections • 22 lectures

VALUE ADDED TAX in GCC 22 lectures

Introduction to Taxes Preview 07:40

Topics covered

•Purpose of Taxes

•Types of Taxes - Direct vs. Indirect Taxes

•Examples

Learning objective

At the end of this lecture, students will be able to discuss purpose & types of Taxes and make distinction between Direct and Indirect Taxes.

Introduction to Taxes

Value Added Tax Preview 08:49

Topics covered

•Definition of VAT

•Input vs. Output VAT

•VAT cycle

Learning objective

By the end of this lecture, students shall have a basic understanding of Value Added Tax and how does it operate.

VAT

Supplies Preview 13:09

Topics covered

•Definition of Supplies

•Example of Deemed Supply

•Types of supplies

•Taxable supplies:

a)Standard rate

b)Zero-rate

•Exempt supplies

•Why do Countries treat exports as Zero-rate supplies and not Standard supplies or Exempt

•Out-of-scope supplies

Learning objective

By the end of this lecture, students shall understand the concept of Supplies and their types and shall distinguish between taxable and exempt goods and services.

Supplies

Reverse Charge Mechanism Preview 09:23

Topics covered

•Reverse Charge Mechanism with practical application and examples

•Benefit of Reverse Charge Mechanism

Learning objective

By the end of this lecture, students will be able to:

make distinction between forward charge & reverse charge mechanism in VAT and
understand the reason for applying reverse charge mechanism.

Reverse Charge Mechanism

Place of Supply (Goods) Preview 22:36

Topics covered

•Case Study

•Place of Supply of Goods

Domestic

Exports

Import

Learning objective

By the end of this lecture, students shall understand which state or country has a right to apply VAT on goods using concept of Place of Supply (Goods).

Place of Supply (Goods)

Place of Supply (Services) Preview 24:15

Topics covered

• Place of Supply of Services

- Domestic

- Export

- Import

• Exceptions to basic rule

Learning objective

By the end of this lecture, students shall understand which state or country has a right to apply VAT on services using concept of Place of Supply (Services) and what are the exceptions for place of supply of services.

Place of Supply (Services)

Time of Supply Preview 06:20

Topics covered

•Time of Supply and VAT due date

•Date of supply and Reporting Period

Learning objective

By the end of this lecture, students will learn the time of supply to ensure timely recording and payment of VAT to tax authorities.

Time of Supply

Blocked Input VAT Preview 10:00

Topics covered

•Blocked Input VAT

•Examples of Blocked Input VAT

•Adjustment in Previously Deducted Input VAT

Learning objective

By the end of this lecture, students will understand the concept of Blocked input VAT and when to do adjustments in VAT return.

Blocked Input VAT

Registration Preview 16:56

Topics covered

•Taxable Person & Economic Activity

•Mandatory and Voluntary Registration

•TIN, De-registration & VAT Grouping

•Taxable supplies inclusion vs. exclusions

•Should you Register or Not?

•Advantages and disadvantages of Voluntary Registration

Learning objective

By the end of this lecture, students will be able to understand the registration requirements in KSA, UAE & Bahrain and the related advantages and disadvantages of registration.

Registration

Invoicing, Assessment & Returns Preview 15:05

Topics covered

•VAT Invoice

•VAT Reporting, Payment & Assessments

•VAT Return

Learning objective

By the end of this lecture, students will understand:

The requirement for VAT invoices;
Distinction between full and simplified invoice;
VAT Return preparation; and
Assessments and penalties.

Invoicing, Assessment & Returns

VAT Accounting Preview 14:49

Topics covered

•Chart of accounts

•Recording of input and output VAT and net payment to tax authority

•Input VAT apportionment

Learning objective

By the end of this lecture, students will be able to understand the accounting treatment of all kinds of VAT supplies, VAT apportionment calculation and how to file VAT return.