This session will address items including, but not limited to, the following:
• Basic principles of VAT:
o Registration
o VAT periods
o Accounting basis
o Types of supplies (including zero rated and exempt supplies)
o Time and value of supplies
• Claiming and denial on input taxes (including the impact of subsistence allowances)
• VAT on importation of goods and services (overview)
• Agent vs principal rules
• VAT on intercompany recharges
• Direct and indirect exports
• VAT invoices, quotes and the documentary proof required for zero rating
• Submission and reconciliation of the VAT201
• Practical issues encountered with VAT