VAT Training

VAT TRAINING

With the introduction of value-added tax or VAT in UAE that will soon take effect on 1 January 2018, companies are instructed to be registered and prepared as soon as possible for they can be subject to penalties if they do not do so.
Registering can be done with the help of our team that will guide you through the step-by-step process that the VAT registration requires. On the other hand, the preparation for VAT in UAE can be attained by enrolling yourself in one of the VAT courses in Dubai. Our company, GM FIRM., offers VAT training in Dubai and in all parts of the QATAR.
Fees QR 2000/- Per Delegate

Our ongoing VAT/Tax Training Course

Modifications Required For Sales and Accounting Systems

The Only one training program which covers the Sales and Accounting Aspects according to the Executive Regulation on the Value Added Tax

Program Outlines

  • Introduction – Taxation Law in UAE, focusing on the Executive Regulation – Cabinet Decision No. (52) of 2017 on Value Added TAX
  • Modifications has to be added to the Sales Invoice, according to the Executive Regulation
  • Modification has to be added to the Chart of Accounts, focusing on Tax Input & Tax Output
  • Accounting Entries required for sales transactions
  • Accounting Entries for Purchase Transactions
  • Accounting Entries for tax paying to the concerned authorities
  • Accounting Entries for tax returns
  • Tax Adjustments
  • Sales Returns
  • Purchase Returns
  • Sales Written of debits
  • Purchase Written of claims
  • Inter-company sales
  • Inter – company purchase
  • Different between Tax Accounting Recorders and Regular Accounting Records
  • Tax filing / Declaration according to Executive Regulation
  • Tax filing / Declaration for Group according to the Executive Regulation

Description: This program is designed for companies to train their employees to get in-depth insight of VAT implementation in UAE. One of our Experienced VAT Consultant will visit onsite to deliver the training. In case the client is out of the UAE, there will be additional fees

Fees: AED 2000 per delegate
Requirement: The minimum fee is AED 10,000 if the number of trainees is less than 5.
Schedule: As per client’s request

For More Details Contact

Call: (974) 44342833  ,  Emailinfo@gmfirms.com

Why Should You Attend the VAT Training in Dubai?

This VAT training is greatly beneficial for any company as it will discuss all about VAT that most people do not understand because this is a new concept in the UAE. With this training, the accounting staff of companies will be having an upgrade in fully understanding what VAT is all about and how to properly account for it.

Everything will be tackled from the correct and accepted way of invoicing to recording entries. We have devised the answers to your questions and the explanation of what the exact impact of VAT is to   our country. The preparation of VAT return forms will also be discussed, and this VAT training shall cover the various types of goods and services and the accounting treatment of VAT for those. Our VAT training in Dubai has been designed for people who are new to VAT. This is for people who make big decisions for their companies that have consequences, which involve VAT.

Who Should Attend the VAT Training in Dubai?

Since it is essential for a company to work as one, we advise for your company to bring the following staff:

  • CFO
  • CEO
  • Senior Accountants
  • Chief Accountants
  • Accounting Managers
  • Treasurer & Cashiers
  • Tax Consultants
  • Tax Preparers
  • Staff Accountants
  • Controllers
  • Internal Auditors
  • Procurement Managers
  • Other accounting and finance staff
  • Finance Managers
  • Cost and Budgeting Managers

Frequently Asked Questions About VAT

 
What is VAT?

Value added tax (VAT) is a type of tax that is applied to the goods or services produced. It is also known as a multi-stage tax. The governments has decided to implement this types of tax to have an additional source of revenue to provide a better service to the citizens.

Who should register for VAT?

As per the Egypt Laws,All commodities and services would be subject to VAT, with the ability to offset VAT previously paid on inputs of such commodities and services so that the final consumer ultimately bears the tax. A producer or importer of any commodity listed in the table attached to the VAT Law will remain registered, regardless of its transaction volume, as will importers of taxable commodities

Companies with annual turnover of 500,000 Egyptian pounds (EGP) or more are required to register for VAT purposes. Others may register voluntarily. A registrant that meets the threshold required for registration will maintain its registration number under the previous general sales tax.

A producer or importer of any commodity listed in the table attached to the VAT Law will remain registered, regardless of its transaction volume, as will importers of taxable commodities.

As per UAE Laws ,the criteria released by the Federal Tax Authority, all businesses with taxable supplies worth more than AED 375,000 need to register for VAT.

Which businesses can voluntarily register for VAT?
As per the Egypt Laws,Companies with annual turnover of 500,000 Egyptian pounds (EGP) or more are required to register for VAT purposes. Others may register voluntarily. A registrant that meets the threshold required for registration will maintain its registration number under the previous general sales tax.
 
As per the UAE Laws, All businesses with taxable supplies worth more than AED 187,500 and less than the mandatory registration threshold of AED 375,000 may opt for voluntary registration for VAT. This option is developed to give the opportunity for startup businesses to register for VAT whilst they still haven’t generated any revenue.
When is the VAT registration and VAT implementation date?
Starting on 1 January 2018, VAT will be implemented in the UAE. All businesses that are operating in the UAE are expected to be registered by then or penalties will be faced.
What will be the VAT rates?

As per the UAE Laws, The standard VAT rate of 5% is agreed to be charged on certain goods and services in the UAE. Non-taxable goods and services will not be charged, such as health, education, and local transport, etc.

Does VAT Registration make non-residents reliable?

As per the Egypt Laws,The VAT applies at the rates of:

  • 13 percent until 30 June 2017
  • 14 percent, starting on 1 July 2017
  • 5 percent on machinery and equipment used to produce a commodity or render a service
  • 0 percent for exports.

As per the UAE Laws, Non-residents or tourists will pay VAT at the point of sale. 5% VAT will be applied to perfumes, makeup, luxury bags, and big-ticket items additional of the sale price. There can be an exemption wherein there is a requirement for a certain business to use a reverse charge mechanism for the purchases from any non-resident when accounting for VAT.

What if I did not register my business for VAT?

As per the Egypt LawsBusinesses required to register under the new VAT law that do not file their application on time will be registered automatically by the ETA and considered as defaulters with all the consequences applicable under the provisions of the new law.

As per the UAE Laws, With the Cabinet Decision No. 40’s release, the violations for non-compliance and respective penalties are all listed in its provisions. Consumers may also lose confidence in the business that does not comply with the laws of the land, hence the impending sinking of the business.

In the case that my business falls in all the exempted categories, what is the impact of it?

As per the UAE Laws ,All businesses that have exempted supplies as goods shall not charge from their customers. VAT cannot be claimed as well on purchases made.However, all businesses that have partially exempted supplies as goods shall register for VAT. The VAT incurred can be claimed as well on taxable supplies

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