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.
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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.
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