TBA

• 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:
o Deemed supplies such as fringe benefits and insurance pay-outs
o Exports and imports
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