Description
Learning Outcome
At the end of this seminar the audience will be able to develop the necessary expertise and understanding of filing the VAT return, which will in turn mitigate the risk of exposure to the VAT liabilities and penalties.
Course Content
Understanding Value Added Tax
• What Is VAT
• How Does VAT Work
• Scope Of VAT
• Which Transactions Are Subject To VAT
• Where Do The Transactions Take Place
• When Is VAT Charged
• Zero Rated / Exempt / Out of Scope Supplies
• Record Keeping / Retention Period
• Penalties
Format of UAE VAT Return
• VAT On Sales And All Other Outputs
• VAT On Expenses And All Other Inputs
• Conditions For Exercising Right Of Input Deduction
• Restrictions On Input VAT Deduction
• Proportional Deduction
• Profit Margin Scheme
• Goods Transferred to GCC Implementing States
• VAT On Importations
• Transportation Of Own Goods To Other GCC States
• Recoverable VAT Paid In Other GCC Implementing States
VAT Return Administration
• Filing Of A Tax Return
• Periodicity Of Tax Return
• Amending A Tax Return
• Payment Of VAT
• Procedure For Claiming A Refund
Q & A Session
An opportunity for attendees to raise any queries relating to VAT Implementation in the UAE.
