Complete VAT Refresher Course

This course is intended to provide professionals, students and accounting staff with an extensive understanding of the most fundamental VAT concepts which are most commonly encountered in day to day work in order to arrive at the appropriate VAT treatment.

 

The application of the correct VAT treatment is of paramount importance and failure to do so may result in various negative business, reputational and financial implications. This course is ideal both for newcomers to the VAT sphere along with more experienced staff who have been working for a number of years who may need to brush up their technical knowledge in an intensive manner or fill in certain gaps and clarify issues that there might be relating to certain transactions.

Session 1 – VAT Intro/Fundamentals

This session will cover the basic concepts based upon which the appropriate VAT treatment can be determined including:

• Groups of supplies

• How to arrive at the appropriate VAT treatment

• Taxable Person

• Supplies of Goods and Services

• Place of Supply

• Exemptions and VAT Rates

• Persons Liable for the Payment of VAT (including the Reverse Charge Mechanism)

 

Session 2 – VAT Commitments and Compliance

This session will cover the VAT responsibilities which need to be fulfilled including:

• VAT Registrations (Articles 10, 11, 12 and VAT Grouping)

• VAT Documentation (invoices, fiscal receipts, records)

• Right of Refund (who is to claim what including partial attribution)

• Taxable Value (How to arrive at the 100%)

• Tax Point (when to declare a transaction in the VAT Return)

• Penalties and Interest

 

Session 3 – VAT Issues and Recent Developments

This session will cover specific issues which often give rise to particular VAT treatment covering also the respective recent developments including:

• Triangulation

• VAT and Gaming

• E-Commerce (including Distance Sales and latest updates)

• Quick Fixes 2020

• Yacht Leasing Mechanism

Session 4 – VAT Forms & Returns

This session will cover the compilation of the main VAT forms going into detail of which transactions are to be declared in which box/field:

• VAT Return

• Form 04

• Form 05

• Recapitulative Statement

• VAT Return Adjustment/Correction Form

• Intrastat Forms

This course is valid for 16 Core hours in terms of the Accountancy Board’s CPE scheme and accreditation rules.

Trainer: Saviour Bezzina

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