Essentials of VAT

Workshop dates:

Johannesburg: 2-3 October 2017
Durbanville, Cape Town: 11-12 October 2017
Durban North: For future dates email customerservice@norcazacademy.co.za

Course fee:

Single:  R4,650.00 (R5,301.00 incl. VAT)

In-House Training sessions: e-mail events@norcazacademy.co.za for a quotation with requirements.

Outcomes

This is a highly interactive course scheduled over two days that will focus on the essentials of value-added taxes and how it affects businesses on a daily basis. Many businesses still lack an understanding of the basic concepts and principles of Value-added tax (VAT). This workshop aims to provide an outline of the fundamental principles accounting officers should know about value-added taxes.

This course will further assist people who are involved in the preparation and maintenance of records for VAT purposes and to understand the implications of VAT and the importance of keeping proper records to collect the necessary information to complete VAT returns correctly. The course examines the rules and regulations of VAT and clearly demonstrates the procedures and controls to be applied, to ensure the timely submission of complete and accurate VAT returns. It will also discuss the powers of the Revenue and Customs and the penalties which they can apply if VAT returns are incomplete or inaccurate, or submitted late.

The course answers the following questions:

  • Understanding VAT
  • What is VAT? Output VAT? Input VAT?
  • What is a Taxable Supply? A Taxable Person?
  • Which supplies are Zero Rated? Reduced Rated? Exempt?
  • What are the ramifications of Proforma Invoices? Credit Notes? Self Billing? Discounts? Bad Debts? Non-payment of suppliers’ invoices?
  • What are the implications of International Trade?

General principles

  • What is the general rule for supplies of services and when does it apply?
  • What are the main exceptions to the general rule?
  • How does the reverse charge operate?
  • How to make out an invoice to an overseas customer?
  • Completion of VAT Registrations

Valued Added Tax Act 1991 as amended

  • Taxation Laws Amendment Act 17 of 2009
  • Taxation Laws 2nd Amendment Act 18 of 2009
  • Important principles of VAT
  • Calculation and submission of VAT
  • VAT exemption
  • Export and Import Taxes

Export

Import

International Taxes

Objections and Appeals

Dispute Resolution

Alternative Dispute Resolution (ADR)

Record Keeping

 

  • What are records?
  • What specific records must be kept
  • How long must records be kept for
  • Duties of a Vendor
  • Responsibilities / Evasion
Who should attend
  • Entrepreneurs, accounts staff at any level, financial managers, bookkeepers and similar.
       
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