VAT Accounting and Implementation

Objectives:

Emirates Center of Culture & Computer is glad to announce that they have trained key employees of 99 companies that include Directors, General Manager, Finance Managers, Accountant, Purchase, supply chain staff, Marketing and sales staff, Administration, bookkeeping and Audit firm staff and many more.

Note: Please request for a brouchure to get all details of this workshop.

Overview:

This workshop on VAT Accounting and Implementation will teach you about UAE VAT framework, supply industry analysis, VAT Accounting and VAT Return Submission, addressing VAT challenges, VAT Registration and Compliance understanding, VAT strategies to respond VAT Challenges, VAT Implementation pre-requisites and much more.

Outline:

1. VAT Awareness

- Direct & Indirect Tax

- Tax career in GCC

- VAT in UAE and its Impact

- VAT Framework

- Executive Regulations

- UAE VAT terminologies

- Taxable supply

- VAT Grouping

- VAT registration and documentation

- VAT on Import and Export in GCC & others

- VAT Penalties

- VAT calculations and common errors

- Much More

2. VAT Accounting

- VAT Invoicing

- VAT Return Submission

- VAT Accounting & Reporting

- FTA Audit preparation

- VAT Adjustment

- Record keeping

- Strategic Pricing and Costing with VAT

- VAT - Tax Planning & Tax Saving

- Business Impact

- Much More

3. VAT Challenges/Strategies

- VAT Implementation

- Cash flow

- Accounting & Reporting

- Contract Negotiating & Redrafting

- Supply Chain Challenges

- FTA compliance

- Procurement & Vendor Selection

- Operational & Transitional

- Market share retention

- IT and system

- Transfer Pricing

4. Strategies to Challenges

- Taxation in strategic planning

- Counter strategies on Price impact of VAT introduction

- Supply Chain Strategies

- Activity-based costing and Market pricing

- VAT efficient Business Expansion Strategies

- Contract Negotiation & Redrafting

- Cash flow & Working capital Management

- And many more

5. VAT - Implementation

- VAT Project Management Road Map

- Identifying main VAT challenges

- Way of Overcoming VAT challenges

- VAT Impact Assessment for Organization

- Analyze the current Business process

- Design and Build system for VAT compliance VAT Implementation and Training

- VAT manual preparation

- Pilot run and Report testing. Go Live

- Continuous VAT compliance monitoring

- Resolving issues with tax Authority for non compliance.

- VAT Implementation Road Map.

- Tax Planning & Tax consultancy.

- VAT Impact Analysis & Due Diligence

- VAT Readiness Assessment

- VAT Ruling on complicated matters

Course Methodology

VAT - Awareness

- Lecture with Interaction

- Question and Answer session with Participants’ industry

- VAT consultancy for Participants’ industry scenario

- Practice of written activities for exploring taxation skills of participants

- VAT registration exercise

VAT - Accounting

- Lecture with Interaction

- VAT accounting activities with adjustment

- VAT return submission activity (2 hr)

- VAT Management Accounting Activities

- VAT calculation activity to test the understanding of participants

- Strategy discussion on keeping the 2017 Price even with VAT

VAT Challenges/Strategies

- Lecture with interaction

- Question and Answer session with Participants’ industry

- Case study analysis to identify the challenges and its impact of the participants’ industry

- Strategy discussion to overcome VAT challenges

VAT - Implementation

- Lecture with interaction

- Written Project Implementation

- Project activity to explore participants’ skills & guidance for VAT Implementation

- Risk and Cost Benefit Analysis activities of VAT implementation