• Overview of the basic rules of VAT: o What is a supply, and when and how would output VAT be charged and accounted for o When should input tax be claimed, and on which expense or asset items is it allowed o Accounting basis for VAT and VAT invoices o Distinguishing between standard-rated, zero-rated, and exempt supplies • General principles of accounting for VAT in the accounting records • Specific transactions for accountants to look out for and their VAT treatment (please note that this session does not provide full, in-depth coverage of these elements but serves as an overview of the general working thereof): o Deemed supplies such as fringe benefits and insurance pay-outs o Leases (operating and finance leases, as well as instalment sales agreements) o Exports and imports o Accommodation (residential and commercial) o Bad and doubtful debts and the 12-month creditor rule o Mixed supplies and single considerations o Deposits and discounts o Cost recoveries and recharges • Reconciliations for VAT • Practical issues in the VAT environment.

Accountants and Auditors, even trainees, with a basic foundation of VAT principles.