It is important to understand the basic VAT principles before being able to analyse a VAT transaction. This course aims to outline the basic VAT definitions which are found in the legislation, be it local legislation (The VAT Act) and legislation at a European Level (Council Directive 2006/112/EC)
After understanding these basic definitions, the course would then move on to discussing the four salient features to determine whether a transaction falls within the scope of VAT. Namely going over the territorial aspect of a transaction, the consideration, the type of transaction itself and the individual involved in such transaction.
Once it is established that a transaction would fall within the scope of VAT, it is pertinent to determine the correct VAT treatment of the transaction by applying the methodical approach. During this course we would also delve into the detail of the place of supply rules, and the exemptions.
This 6-hour course, split over three days, aims to provide attendees with a sound understanding of basic VAT definitions, whilst understanding the ideal approach to a VAT transaction.
TOPICS ON THE AGENDA
- The VAT definitions
- Scope of VAT
- Methodical Approach – how to analyze a VAT transaction
- Place of Supply Rules
- Practical examples