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Value Added Tax (VAT) Preparation Course

Value Added Tax (VAT) Preparation Course 24Hrs

VAT is becoming a single biggest opportunity for business people and professionals alike. There is a lot of confusion and rumors floating around VAT. To differentiate facts from opinions, we have organized a three day overview program on VAT. Our Preparation for VAT course will help you to learn the principles of VAT, and its impact on individuals and businesses. This course helps you understand how VAT works and who is likely to be affected by its implementation, how to calculate VAT, who should register for VAT, and what are the different types of goods and services on which VAT is applicable.

Upon successful completion of this course, you will know:

  • Understanding of VAT
  • Practically understanding the Filing of Returns and Assessment Procedures under VAT
  • Knowing about the Valuation Rules, Advance Ruling & kind of Books of Accounts required to be maintained under VAT
  • Getting familiar with “Basis of Charge” & “HSN code” under the new law
  • To learn the credit mechanism and fungibility of credits under new VAT
  • To relook the supply chain & changes in business strategy to optimize it under new regulation

Course Outline

  • Overview of VAT & Key Taxes Subsumed – Which are the key taxes subsumed?
  • What are the key benefits & risks under VAT? Key changes required for an organization to gear up for VAT.
  • Steps for new registration process - What are the key documents needed for getting registration under VAT? Who all are expected to migrate/get registered under VAT?
  • What would be the role of VAT officer in Migration? What is VAT Registration Certificate and where it needs to be generated and displayed?
  • Filing VAT Returns for different kind of assesses with a live practical example – which returns are to be filed monthly? Which of them are to be filed annually? How to pay taxes under VAT? How to get Input Tax Credit (ITC) under VAT?
  • Various Forms under VAT for Return filing, Audit & Assessment Procedures – Which forms will assessee file? What details are required in those forms? Which forms will come from the government? What reconciliation is needed to be done every month? What are the different kinds of assessments under VAT? Who will conduct VAT Audit & how often?
  • Invoicing under VAT & Live practical sample of invoice as to how it is to be prepared – how to prepare invoice under VAT? What kind of invoices are to be prepared? What are the rules for serial no of invoice? What details are required in case if the sale it to unregistered dealer? What about high value invoices? What are the various classifications of invoices when uploaded on to VAT Server?
  • Pricing Under VAT including Job work and input tax credit covering reverse charge mechanism – How will the pricing of product or service change after implementation of VAT in Bahrain? What will be the impact on B2B pricing? How will the B2C price behave under the new VAT regime?
  • Late Fees, Interest & Penalties under VAT and Accounts & Records Rules – what is the late fees for return filing? What is the maximum late fee that can be charged under VAT? Interest on taxes not paid or late paid will be charged how? Which are the penalties under VAT? What are the Jail provisions and non-bailable imprisonment provisions? What are the power of officers under VAT?
  • Advance Ruling under VAT – What is advance ruling under VAT? Advance ruling is valid for how many years? What is the fees for getting advance ruling? Who is the authority?
  • Can advance ruling be challenged?
  • Valuation Rules under VAT - What are valuation rules? What about offers like one plus one, exchange offers, discount schemes etc. How would the valuation differ in case of Principal to Principal & Principal to Agent? and action plan.

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