VAT IMPLEMENTATION STRATEGIES

COURSE OUTLINE

Are you interested in exploring what exactly is VAT and what are the VAT implications for the post-implementation? Xceed Academy VAT implementation strategies course is a 2-day course offered for the individual and businesses. Value-added Tax, commonly known as VAT, is the town’s talk since it’s recently regulated with the GCC regulation.

This specially designed VAT training course offers the participant’s VAT information and its impact on businesses and individuals in the GCC. This training course will examine the VAT regulations and rules and clearly validate the process and control that should be in place to make sure the VAT returns are submitted on time with the right accuracy level.

OBJECTIVES

Upon successful completion, participants will be able to:

  • Develop a better and comfortable understanding of the VAT world and its related principles
  • Understand the importance and implications of VAT’s introduction in the company and region
  • Define and understand who is needed to account for VAT and what lies in their instant scope
  • To establish a better and comfortable understanding of the VAT world and its related principles.
  • Recognize and acknowledge the VAT impact across all the units of business in the company
  • Launch and prepare a practical guideline on how to prepare the VAT for business
  • Learn how to avoid the VAT to become the worrying cost to the Organization’s future.

INSTRUCTIONAL METHODOLOGY

In this VAT implementation strategies course, Xceed Academy is offering a straightforward learning methodology:

  • PowerPoint presentation with short breaks to energize the participants
  • Instructor-led classroom track and live group chats
  • Participants classroom activities
  • Guided group discussions
  • Energizers and Ice breakers
  • Management level case studies
  • Live subject related exercises

INTENDED AUDIENCE

  • Functional Heads, Finance Managers, Business Leaders, Internal Auditors, Procurement Managers, Accountants, CFOs, IT Managers and finance professionals
  • Corporate Practitioners, supervisors, consultants, specialists, managers and employees with some experience who wish to develop their competencies and functional expertise

COURSE ASSESSMENT

  • Session-based practical exercises, peer group, notes evaluation and sharing, and reflective quizzes
  • Conceptual understanding and customized training delivery to gauge by the Pre-assessment
  • Capturing the course learning and retention in the final course assessment.

COURSE STRUCTURE AND AGENDA

Module – 01
Module – 01

UNDERSTANDING THE VAT

  • What accurately is the Value Added Tax (VAT)?
  • Who needs to identify and learn about VAT?
  • Value Added Tax Key concept
  • VAT impact on the regional economy and world
  • VAT impact on the financial and operational performance
Module – 04

IMPLEMENTING VALUE ADDED TAX

  • Why is Preparation necessary?
  • Preparing Road Map for VAT implementation
  • Pre-requisites for businesses before VAT implementation
  • Deadlines for compliance
  • Risks of non-compliance
Module – 02

IMPLICATIONS OF VAT ON BUSINESS

  • What are the implications of VAT on the Exports and Imports in GCC and worldwide?
  • How to Make invoices including Value added tax and returns
  • Know the VAT registration procedure and prepare mandatory documents for VAT registration
  • Understand VAT management, penalties, fines and VAT filing
  • Major deliberations across business industries
Module – 05

CHALLENGES IN IMPLEMENTING VALUE ADDED TAX

  • What are your current challenges?
  • Possible VAT Challenges – Internal Scenario
  • Possible VAT Challenges – External Scenario
  • Effective Mitigation Strategies
  • Practical Exercise
  • Case Study illustration
Module – 03

CALCULATING THE VAT

  • Fundamentals for calculation of the Value Added Tax
  • Distinguish Accounting methods regarding VAT
  • Calculate Output VAT and Input VAT
  • Categorize the supplies for VAT calculation
  • Identify common errors in VAT calculation
  • Practical Exercise