Gain a thorough understanding of the basic concepts and principles of VAT and how the tax operates both internationally and domestically. Approaches of EU and non-EU states will be compared and legal aspects considered.
Identify the advantages and disadvantages of a VAT type of tax and how it fits into the tax mix of states around the world.
Recognize how VAT operates, particularly in respect of output tax and input tax, in such a way that it remains neutral in its application by businesses.
Identify how VAT applies to supplies of both goods and services, including when provided electronically and to international transactions.
Apply the concept of the taxable person, EU VAT group, and fixed establishment, according to the recent ECJ decisions.
Interpret how VAT works within the European Union’s free market, including the measures introduced to address the impact of COVID-19 and the new VAT e-commerce rules.
Define how the system allows for neutrality by ensuring that imports and exports are neither advantaged nor disadvantaged over domestic supplies.
Identify the impact of exemption in VAT and how tax is calculated by businesses that deal in exempt supplies.
Categorize some of the more important administrative issues that VAT requires.
Finance managers
Accountants
Accounts staff
Staff members with responsible for the financial and legislative obligations of their organization.
Anyone who wishes to be pro-active in their approach to legislative and financial compliance and anyone who wishes to undergo a refresher course in the operation of the Irish VAT System.
How the tax works
Its advantages and disadvantages
VAT in the European Union
Principles of the VAT System
Understanding how the Irish VAT System works
Taxable Persons and Accountable Persons – who is obliged to register for VAT?
VAT Registration – new two-tier system!
Distance Sales – the hidden problems and how they may affect Irish businesses
VAT Returns and Payments – warehousing VAT debts due to Covid-19
Annual VAT Returns – the advantages and disadvantages of opting to make an annual VAT return
Supplies of Goods and Services – the different rules which apply to the supply of goods and the supply of services, and why these rules are very important
Deductible and Non-Deductible VAT – costs on which VAT may or may not be reclaimed and the most common errors
The rules for reclaiming foreign VAT incurred
The “Two Thirds Rule” explained
Electronic Data Interchange (EDI) – electronic invoicing
Imports and Exports of Goods – the rules explained
Intra-Community acquisition of Goods and Triangulation – how they differ from imports and the rules explained
Intra-Community supply of Goods – how they differ from exports and the rules explained
Section 56 Relief – how it operates and the difference between this relief and being VAT exempt
VIES and Intrastat Returns – when these are due and how to complete them
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