UAE VAT Update Seminar

Value Added Tax (VAT) is a consumption tax assessed on the value added to goods and services.  VAT is a self-assessed tax and it is the responsibility of all entities to put into place the correct systems, processes and controls to ensure that VAT on relevant transactions is recorded and reported accurately as required by the VAT regulations, and where applicable, the correct and timely payments are made to the authorities.

Objective:

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.

Contents:

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