Accounting for VAT

With the expected introduction of a Value Added Tax (VAT) in the GCC countries, companies have to be prepared by upgrading the skills of their accounting staff to fully understand and properly account for the VAT. From invoicing to recording entries and preparing VAT return forms, this course provides an overview of the accounting treatment of the VAT according to the various type of goods and services. Additionally, we compiled from multiple sources the possible VAT treatments, challenges faced and questions to ask by industry, in order to help businesses in the GCC understand the likely impact from adopting VAT on their operations and financial accounts.

This course is part two of the VAT training series. While it is recommended that participants first attend part one, titled “Introduction and Mechanics of VAT” which is offered a day earlier, accounting and finance professionals can still attend the “Accounting for VAT” course only; however, they will not be able to avail the special discount given if attending the two courses.

The course uses a mix of interactive techniques, such as brief presentations by the consultant, application of theories and group exercises to exchange experience and apply knowledge acquired throughout the course.

By the end of the course, participants will be able to:

• Explain how to account for VAT on purchase and sales of goods or services whether the entity is registered in VAT or not
• Use the company’s trial balance to fill up a VAT return
• Formulate a preliminary assessment of impact of VAT adoption on operations and accounts

Staff accountants, senior accountants, chief accountants, accounting managers, controllers, internal auditors, tax consultants, tax preparers and other professionals in the accounting and finance functions

• Understanding VAT
• Accounting for VAT