To provide participants with a basic overview of the following:
· Basic mechanics of VAT.
· Pitfalls and opportunities in VAT management
· VAT modernization process
· Consequences if VAT rate were to increase with specific reference to transitionary rules.
· VAT Risk Management – processes and procedures to minimize VAT costs.
Out of stock
Approximately 25% of total taxes are collected via the VAT system.
As a transactional based tax, it is arguably the most complex form of tax to be managed pro-actively by any taxpayer. Not only is a vendor exposed to incorrect interpretation of complex legislation but is also exposed to the incorrect recordal of VAT liabilities due to incorrect set-up of ERP systems. Added to this is the onerous documentary requirements supporting for example the zero rating of VAT.
The potential increase of the VAT rate from 15% to 17% will also require taxpayers to implement transitionary legislation correctly.
This VAT update will highlight relevant tax legislation and equip taxpayers and their advisors to correctly manage the VAT of a VAT vendor.
By attending this webinar you will gain the following competencies
1. Practical application of VAT with simple examples explaining complex principles.
2. Summary of VAT legislation in simple to use mind-map format.
3. Importance of pro-active VAT management – processes and procedures.
1. Basic principles of VAT
2. Layout of VAT Act – Kreston mindmap.
3. Zero rating of VAT.
4. Denial of input tax.
5. Transitionary rules if VAT rate increases
6. Commonly made mistakes.
The following event is awarded 1 CPD units in Taxation.
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Cape Town: Cape Town Spaces Office, Century City, No1 Bridgeway Road, Bridgeways Precinct, Cape Town, 7441
Namibia: Regus Office Windhoek, Maerua Mall 3rd Floor, Windhoek, Namibia, 10005
Paris: I13 Rue Paul Valéry, 75116 Paris, France (ICFOA)
