Tax 101: The Essentials - Free session
Our free session has been designed to demystify the complex world of taxation. This session aims to provide you with an introduction to the history of tax, its importance and how it affects our daily lives. We will also provide you with a foundational understanding of key concepts that would allow you to be more confident in your day to day interactions with tax.
Completed on Tuesday 20 August 2024.
Output VAT on Transactions
Whilst Value Added Tax (“VAT”) is a tax on consumption borne by the final consumer, the supplier has the obligation to comply with the relevant laws and regulations. Not charging VAT on the right amount or at the right time may lead to considerable tax exposure. A sound knowledge of how and when to apply VAT is becoming increasingly important given the diversity of supplies, both in terms of goods and services.
This course will cover the fundamentals of output VAT, which among others include charge to VAT, time of supply, VAT treatment of recharges between related companies and VAT refund scheme and the newly introduced VAT on digital companies. Relevant tax rulings and statements of practices issued by the MRA will be analysed.
Completed on Wednesday 09 October 2024
Input VAT & VAT Administration
Not all input VAT incurred by a company can be claimed. Input VAT in respect of certain expenses (such as accommodation, motor cars, etc.) are simply not recoverable, while VAT incurred on common expenses should be apportioned where a company makes both taxable and exempt supplies.
Often, companies do not make the right claim for input VAT. Such practices may expose businesses to significant risk of penalties and interests as the company is over-claiming input VAT. Also, a VAT registered person can now claim repayment of VAT paid on goodwill on the acquisition of a business, computer software, patents and franchise agreements.
Completed on Monday 21 October 2024