Value Added Tax (VAT) Compliance

Workshop Overview

The GCC Member States are in the process of approving the long anticipated common framework for the introduction of a Value Added Tax (VAT) system in the GCC. The common VAT framework will form the basis for the introduction of a national VAT system by each Member State.

While there are a number of challenges that still need to be addressed before it is introduced, VAT will help governments to deliver on long-standing plans for economic diversification away from oil, while still being able to deliver social and economic programmes.

VAT is expected to be introduced at a rate of 5% with some limited exceptions including basic food items, healthcare and education. The UAE are planning to implement on 1 January 2018 - other GCC countries may do so at the same time or by 1 January 2019 at the latest.

Businesses in the UAE (and GCC) should start planning now how the changes could impact their business, to ensure a smooth transition. This course will help you achieve exactly that.

Key benefits of attending this workshop

Upon completion of this course, delegates should be able to:

  • UNDERSTAND the concept of VAT and its impact on the economy
  • UNDERSTAND the impact of VAT on the operational and financial performance of the business
  • DIFFERENTIATE various type of supplies with reference to VAT
  • DIFFERENTIATE Input VAT and Output VAT
  • CATEGORIZE the supplies for VAT calculation
  • UNDERSTAND the impact of VAT on the Imports and Exports to the member countries (Gulf Region) and nonmember countries (rest of the world)
  • PREPARE the invoices including VAT
  • UNDERSTAND the VAT registration process and prepare required documents for VAT registration
  • UNDERSTAND VAT administration, fines and penalties related to VAT filing
  • IDENTIFY common errors in VAT calculation

Who Should Attend?

This event has been specifically designed for:

  • CEOs
  • CFOs
  • Finance Managers
  • Internal Auditors
  • External Auditors
  • Cost and Budgeting Managers
  • Procurement Managers
  • Payable and Receivables Accounts Managers and Staff

Why you should Attend?

An agreement on a common VAT framework to be implemented across the GCC states is expected on 1 January 2018. Understanding the commercial impact of VAT on business, and the importance of setting a structured VAT implementation plan is now critical for all businesses.

Each member state of the GCC will establish their own separate national legislation concerning VAT and as such the detailed compliance requirements and set of rules will be outlined in each of the respective legislation. An inherent feature of the VAT is the self-assessment nature, meaning every business which VAT registered (or required to be VAT registered) must record, assess and report its VAT obligations and entitlements, in accordance with the law, to the tax authorities.

Keeping in mind the expected issuance of the final VAT legislation, our course will help you begin to prepare for this anticipated change. Delivered by subject matter expert with practical industry and training experience, this two day course will provide participants knowledge of the principles of VAT, and its impact on individuals and businesses in the GCC. It demonstrates how VAT works and who is likely to be affected by its implementation throughout the GCC.