The introduction of VAT in the Gulf Cooperation Council (GCC) member states marks one of the most significant regional changes since the 1960s. Starting on January 1, 2018, the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman implemented a 5% VAT rate.
This tailored GCC VAT Framework training course delves into the VAT rules and regulations, providing clear guidance on the procedures and controls necessary to ensure timely and accurate VAT returns. This Energy training course offers a comprehensive understanding of VAT, covering all essential topics and equipping you with the confidence to manage VAT correctly. Additionally, it will assist you in creating a strategy to successfully implement and maintain compliant VAT processes within your organization.
By attending the GCC VAT Framework training seminar, participants will develop the following competencies:
- Gain a broad understanding of VAT’s implementation in the GCC
- Learn about the obligations and impacts of the new legislation on businesses in the GCC
- Understand the fundamental principles of VAT
- Discover how to align financial processes and controls to ensure ongoing compliance
By completing the GCC VAT Framework training course, participants will be able to:
- Gain a deeper understanding of how VAT is applied throughout the supply chain
- Learn the correct methods for accounting for VAT
- Understand strategies to prevent VAT from becoming a cost to your business
- Recognize the impact of VAT on all areas of your business
- Develop a roadmap for preparing your business for VAT implementation
The GCC VAT Framework training course is highly interactive and practical. Participants learn through a range of teaching and personal development methods including presentations, tutorials, and worked examples. Active participation and involvement is encouraged throughout the training course to promote the sharing of ideas and expertise within the group.
The GCC VAT Framework training course will benefit CFO’s, Finance Managers, Internal Auditors, Accountants, IT Managers, Procurement Managers, Managers of Accounts Payable or Accounts Receivable Departments, as well as Finance Professionals interested in developing their understanding of this new legislation.
The Energy training course will equally appeal to employees in the private, public and not-for-profit sectors.
Day One: Introduction to VAT & Compliance
- Meaning of VAT
- The new legislation
- Deadlines for compliance
- Risks of non-compliance
- Understand the concept of VAT and its impact on the economy
- Understand the VAT registration process and prepare required documents for VAT registration
Day Two: VAT Implementation & its Effects on Business Processes
- Pre-requisites & Preparation for businesses before VAT implementation
- Differentiate Accounting methods concerning VAT
- Calculate Input VAT and Output VAT
- Categorize the supplies for VAT calculation
- VAT Challenges – Internal Vs External
- VAT Mitigation Strategies
- Cash Flow and VAT
Day Three : VAT Management & Beyond
- Understand the impact of VAT on the Imports and Exports to the member countries (GCC) and non-member countries (rest of the world).
- Understand the impact of VAT on the operational and the financial performance of the business
- Preparation of the invoices including VAT and returns
- Understand VAT administration, fines and penalties related to VAT filing
- Industry-specific considerations
- Identify common errors in VAT calculation