• 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.