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Value Added Tax Training Program2019-10-17T12:13:57+00:00

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Value Added Tax Training Program

Lynchpin Training offers a variety of VAT Training Programs in UAE. Click on the buttons below to get details of our Specialized VAT Training Programs in Dubai. Lynchpin also offers VAT Consulting Services. Click here to know more about our VAT Consulting Services.

Lynchpin has trained over 1,300 professionals on VAT Training in Dubai. This specially designed VAT Training program examines the rules and regulations of VAT and clearly demonstrates the procedures and controls that should be in place to ensure VAT returns are submitted accurately and on time. This seminar will give you a complete understanding of VAT, covering all the essentials topics and giving you the confidence to know if you are dealing with VAT correctly. The current VAT Training in Dubai is developed to equip your team to adequately embrace the VAT requirements in Global Context. The VAT Training in Dubai would be exploring the probable VAT landscape in GCC.

VAT CONCEPT

  • Concept and motive of VAT
  • Input and Output VAT
  • Supplies, Goods and Services

CATEGORIES OF SUPPLIES

  • Taxable Supplies
  • Reduce rated Supplies
  • Zero-rated Supplies
  • Exempt Supplies
  • Zero Rated Vs. Exempt

VAT Registration

  • When to register for VAT?
  • Who should register for VAT?
  • Exceptions to VAT registration i.e. when you are not required to register for VAT even if you have taxable supplies
  • Mandatory vs Volunteer VAT registration
  • Treatment of Capital Assets sale while calculating VAT registration threshold
  • VAT registration applicability on non-residents
  • The concept of Group VAT registration

Date of Supply Rules

  • When to account for VAT as per date of Supply Rules
  • What is the date of supply rules under special circumstances
    • For consecutive supplies (e.g. construction contracts)

Place of Supply Rules

  • How to establish that place of supply of any goods/services is UAE?
  • Place of supply of Goods
  • Place of supply of Services

Value of Supply Rules

  • On what amount VAT should be charged under Value of Supply Rules
  • Value of Supply
  • Value of Import and what is the effect of landed cost components and customs duty

VAT Exemptions

  • Treatment of VAT while you are selling exempt items
  • Impact of VAT exemption on certain industries
    • Residential buildings
    • Financial Services
    • Bare land
    • Local passenger transport
    • Exemption on imports and suspension of the VAT

VAT CALCULATION

  • When should VAT be accounted for?
  • Calculating Input VAT (Purchases)
  • Calculating Output VAT (Sales, Services & Gifts)

VAT ADMINISTRATION

  • Filing VAT returns
  • The timing for VAT Filing
  • VAT Return Filing Demo
  • Claim for VAT Refunds

VAT on Free Zones

  • The concept of Designated Zones
  • VAT on sale from/to Designated Zones
  • VAT treatment of import and exports in such zone

VAT PENALTIES

  • Late payment/ submission penalties
  • Error and penalties
  • Default interest rate

VAT ON IMPORTS/ EXPORTS

  • Calculating output VAT on Exports
  • Calculating input VAT on Imports (Member countries and non-member countries)

Reverse Charge Mechanism and VAT on Imports

  • The concept of Reverse Charge Mechanism
  • Accounting entries in reverse charge mechanism
  • Tax calculation and tax reconciliation under reverse charge mechanism
  • The implication of import VAT on intra-GCC transshipments
  • VAT on imports by unregistered persons

VAT INVOICES AND RECORDS

  • Layout of the VAT Invoice
  • Charging VAT on Invoice price
  • VAT invoices Record Keeping

Filing of UAE VAT Return

  • Data planning for the filing of VAT Return
  • UAE VAT Return structure
  • Understanding each box of VAT Return
  • Calculating and adjusting the Reverse Charged VAT in Box 3, 6 and 10
  • Rightful claiming of input VAT on expenses under Box no. 10
  • Adjustment for the profit margin scheme
  • Exempt supplies apportionment of expenses
  • VAT Refund application
  • VAT Payment

UAE VAT Updates

All key updates of UAE VAT issued by UAE’s Federal Tax Authority will be discussed in this training program. This includes VAT updates related to

  • Updated Tax Invoice format
  • Input VAT claim on real estate related expenses
  • VAT on directors’ services
  • Input VAT apportionment between exempt and taxable supplies
  • Designated zone supplies
  • Treatment of VAT on family health insurance
  • VAT on compensation related payments
  • Non-recoverable input on entertainment expenses

Mr. Mirza Farrukh Baig,
FCA
Harvard Trained | CEO Lynchpin Group | Lead VAT Trainer & Consultant

Mirza Farrukh Baig-Harvard Trained, is one of our Decorated & Talented Trainer and Instructional Designer for Finance, Accounting, Risk Management training courses at Lynchpin Training. With him on the training venue, we guarantee the best style of delivery, team engagement, the energy level of the class and the WOW experience by your team is assured.

Mirza Farrukh Baig is a qualified Chartered Accountant and a career banker. He has over fifteen years of experience teaching CMA, ACCA, CFA and CA students. He is also the lead corporate trainer at Lynchpin delivering specialized training on Finance and Accounting He has served for eight years in a leading commercial bank in UAE where he was instrumental in strengthening the SME credit risk unit. Apart from approval of banking facilities for SME clients. He played an instrumental role in developing and implementing the SME credit risk policy of the bank.

Currently, he is the CEO of Lynchpin Training & Consulting and Chief Consultant for VAT
Advisory, Consulting & Implementation. Farrukh carries extensive experience in dealing
indirect taxes both for the UK and South Asia. Provided VAT (Value Added Tax) consultancy
services with due care, experience, resources, and exposure to tax regimes.

Farrukh is an associate member of the Institute of Chartered Accountant of Pakistan (ICAP).
He has been awarded a gold medal for outstanding performance in his CA final examination,
by ICAP. He also went to Harvard Business School to Executive Entrepreneurship training
program.

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