Value Added Tax - Oman, KSA, UAE & Bahrain

Topics covered

•Purpose of Taxes

•Types of Taxes - Direct vs. Indirect Taxes

•Examples

Learning objective

At the end of this lecture, students will be able to discuss purpose & types of Taxes and make distinction between Direct and Indirect Taxes.

Topics covered

•Definition of VAT

•Input vs. Output VAT

•VAT cycle

Learning objective

By the end of this lecture, students shall have a basic understanding of Value Added Tax and how does it operate.

Topics covered

•Definition of Supplies

•Example of Deemed Supply

•Types of supplies

•Taxable supplies:

a)Standard rate

b)Zero-rate

•Exempt supplies

•Why do Countries treat exports as Zero-rate supplies and not Standard supplies or Exempt

•Out-of-scope supplies

Learning objective

By the end of this lecture, students shall understand the concept of Supplies and their types and shall distinguish between taxable and exempt goods and services.

Topics covered

•Reverse Charge Mechanism with practical application and examples

•Benefit of Reverse Charge Mechanism

Learning objective

By the end of this lecture, students will be able to:

• make distinction between forward charge & reverse charge mechanism in VAT and

• understand the reason for applying reverse charge mechanism.

Topics covered

•Case Study

•Place of Supply of Goods

Domestic

Exports

Import

Learning objective

By the end of this lecture, students shall understand which state or country has a right to apply VAT on goods using concept of Place of Supply (Goods).

Topics covered

• Place of Supply of Services

      - Domestic

      - Export

      - Import

• Exceptions to basic rule

Learning objective

By the end of this lecture, students shall understand which state or country has a right to apply VAT on services using concept of Place of Supply (Services) and what are the exceptions for place of supply of services.

Topics covered

•Time of Supply and VAT due date

•Date of supply and Reporting Period

Learning objective

By the end of this lecture, students will learn the time of supply to ensure timely recording and payment of VAT to tax authorities.

Topics covered

•Blocked Input VAT

•Examples of Blocked Input VAT

•Adjustment in Previously Deducted Input VAT

Learning objective

By the end of this lecture, students will understand the concept of Blocked input VAT and when to do adjustments in VAT return.

Topics covered

•Taxable Person & Economic Activity

•Mandatory and Voluntary Registration

•TIN, De-registration & VAT Grouping

•Taxable supplies inclusion vs. exclusions

•Should you Register or Not?

•Advantages and disadvantages of Voluntary Registration

Learning objective

By the end of this lecture, students will be able to understand the registration requirements in KSA, UAE & Bahrain and the related advantages and disadvantages of registration.

Topics covered

•VAT Invoice

•VAT Reporting, Payment & Assessments

•VAT Return

Learning objective

By the end of this lecture, students will understand:

• The requirement for VAT invoices;

• Distinction between full and simplified invoice;

• VAT Return preparation; and

• Assessments and penalties.

Topics covered

•Chart of accounts

•Recording of input and output VAT and net payment to tax authority

•Input VAT apportionment

Learning objective

By the end of this lecture, students will be able to understand the accounting treatment of all kinds of VAT supplies, VAT apportionment calculation and how to file VAT return.