VAT (Value Added Tax) for UAE

This course Covers all VAT Essential Knowledge Complete UAE VAT course

What you'll learn
About Value Added Tax (VAT) and discover how VAT works
Understand the Laws and applicability
Understand the principles of VAT and how it operates
Compliance and filing obligations for businesses
Boost in your career with in-demand skills
Requirements
No previous experience is required. need just a desire and understanding of business to learn.
Description
The United Arab Emirates published its Value Added Tax decree law on 27th August 2017, paving the way for the introduction of the indirect tax on 1st January 2018. The standard VAT rate will be 5%, with a nil rate for certain goods.

Some UAE VAT law

The key elements of the new law cover

5% on taxable supplies and imports

VAT registration requirement threshold (Dh 375,000) and calculations, including voluntary registration option (if revenue above Dh 187,500)

Setting up VAT groups

Determining the date of supply for VAT purposes

Place of supply of goods and services rules

VAT nil-rating on the supply of goods and services within other GCC states which have implemented VAT

Exemptions on supply of service rules i.e. taxable where supplied

Role and impact of tax agents

Determining the value of taxable supplies, discounts and imports

Mixed supply rules

Supplies subject to zero rating

Reverse charge rules, including imports and movements from other GCC VAT implementing rules – more details to be provided in Executive Regulation

The right to recover input VAT, including import VAT incurred on goods subsequently moved to UAE (onward supply relief)

Credit notes and bad debts

VAT invoice requirements, FX treatment and requirements for date of issuance

Tax credits, carry forwards and when refunds may be made

VAT recovery for non-resident businesses and consumers

Penalties

This course covers

1. Overview of VAT

2. Registration

3. Place of Supply

4. Date of Supply

5. Valuation

6. Input Tax

7. Capital Asset Scheme

8. Import and taxability under Reverse Charge

9. Exempt and zero-rated Supply

10. Export

11. Impact on Designated Zones

12. Records

13. VAT Returns and Payment of VAT

14. Offences and Penalties

Who this course is for
Aspirants who want to make their career in Finance in UAE
Accountants who want to excel in VAT in UAE