VAT TRAINING PROGRAMMES FOR MANAGING TAX TRANSACTIONS. Principles of Value Added Tax (VAT) Advanced Principles of Value Added Tax (VAT)

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1 VAT TRAINING PROGRAMMES FOR MANAGING TAX TRANSACTIONS Principles of Value Added Tax (VAT) Advanced Principles of Value Added Tax (VAT) VAT Implementation and Control VAT for Financial Sector Managing Excise Tax

2 BANKING ACCOUNTING & FINANCE ISLAMIC FINANCE IT & PROJECT MANAGEMENT INSURANCE LEADERSHIP & MANAGEMENT EXECUTIVE LEADERSHIP ACADEMIC STUDIES ABOUT The BIBF is a semi-government training institute affiliated with the Central Bank of Bahrain, established in It plays a vital role in the training and development of human capital in Bahrain, the wider Middle East, North Africa and beyond. The BIBF s commitment to excellence has strengthened its position as the leading educational provider across all major businessdisciplines. The Institute serves as a partner to numerous world-class institutions; delivering Thought Leadership, Assessment and Training in the areas of Banking, Islamic Finance, Executive Development, Accounting & Finance, Academic Studies, Leadership & Management, Insurance, Information Technology and Communication, Project Management and Supply Chain Management; resulting in a complete business solution.

3 GLOBAL REACH The BIBF qualifies over 20,000 learners a year across all major business disciplines and economic sectors. Since its establishment, it has provided training and development opportunities in 63 countries giving the institute a global footprint. The BIBF has delivered training to over students in 63 countries since its inception in 1981

4 BIBF TAX ACADEMY The BIBF believes in quality of education and provides support to its clients to manage their development needs in an effective manner. The BIBF has identified a critical knowledge gap among employees of many business organisations, specially after the announcement of Value Added Tax and Excise Tax in the region by the Gulf Cooperation Council (GCC). In keeping with taxation training requirements, BIBF s Centre for Accounting & Finance introduces The Tax Academy to provide knowledge, skills and tax management competencies by offering a flexible and comprehensive portfolio of training courses. The BIBF is committed to educational and trainings needs in this emerging field of taxation and uses its resources to help manage the impact.

5 TAX AWARENESS The BIBF is a pioneer in the region providing taxation training courses since Many employees from the financial and non-financial sectors have benefited from attending courses at the BIBF, including board members of organisations. BIBF employs a pool of competent and experienced faculty in the field of taxation. Along with its regular taxation courses, BIBF also offers customised training solutions. Taxation courses for the year 2018 Principles of Value Added Tax (VAT) Advanced Principles of Value Added Tax (VAT) Value Added Tax (VAT) Implementation & Control Value Added Tax (VAT) for Financial Sector Managing Excise Tax

6 PRINCIPLES OF VALUE ADDED TAX (VAT) Description This is a comprehensive course on Value Added Tax (VAT), targeting those who wish to learn about its implementational challenges and its impact to their respective business entities. This course will give participants a clear understanding of all elements of VAT and its treatments for goods and services as per the published GCC VAT legislation. Learning Outcomes Upon successful completion of this course, participants will be able to: Explain the effect of VAT on businesses operations Make computations of VAT Manage administrative & financial procedures of VAT VAT administration & filling Course Contents 1. VAT Framework What is Tax and Taxes Classifications Difference between VAT and Sales Tax VAT Implementation Challenges Product and Services Effected by VAT 2. VAT Computations VAT Scope for Goods and Services VAT Operations and Calculations Types Of VAT Supplies & VAT Traetments (Standard, Zero & Exempt) 3. VAT Registration & Deregistration VAT Compulsory & Voluntary Registrations Exemptions From VAT Registrations Group Registrations VAT Compulsory and Voluntary Deregistrations 4. VAT Tax Point Basic Tax Point Change In Tax Point Irrecoverable Debts Relief Special VAT Treatments Transitional rules for contracts 5. VAT Regional & International Effects Acquisitions and Dispatches Imports and Exports 6. VAT Transactions & Documentation VAT Record Keeping Requirements VAT Invoices VAT Impact With Credit & Debit Notes

7 7. VAT Administration VAT Compliance Legal Representative & Tax Agents VAT Audits & Assessments VAT Penalties 8. VAT Return VAT Return Requirements VAT Return Administration & Correction Procedures Financial Security VAT Appeals Target Audience Financial & non-financial staff who are expected to be involved in VAT implementation such as Accountants, Product & Service developers, Costing specialists, Entrepreneurs, Product pricing specialists and other decision makers who want to learn how to manage all aspects of VAT implementation. Prerequisites Basic knowledge of accounting and business with competency in arithmetics. Course Structure The course is conducted using a combination of lectures, discussions and practice sessions. Note: This course is examinable Course Facts Duration : 4 Days (5 hours per day) Lecturers : BIBF Faculty Course Dates For Year 2018: Dates Month 11th 14th 22nd 25th 6th 9th 22nd 25th 12th & 13th 16th & 17th 21st 24th 11th 14th 2nd 5th March April May July September October November December Fees: Member Organisations GCC Nationals : Covered by Levy Other Nationalities : BHD 100/- Non Member Organisations All Nationalities : BHD 300/-

8 ADVANCED PRINCIPLES OF VALUE ADDED TAX (VAT) Description This is an advanced level course targeting those who want to learn advanced technical contents of VAT laws & its regulations to ensure better tax management practices. This course will give participants a complete understanding of all elements of VAT and required treatments of business transactions as per the published GCC VAT legislation. Learning Outcomes Upon successful completion of this course, participants will be able to: Understand Place of Supply rules Make treatment of different types of supplies, stock and other items Explain exclusive VAT treatments for international transactions and for different sectors Learn exclusive VAT schemes Understand advanced tax administration & grievances management Course Contents 1. Place of Supply Rules For Kingdom of Saudi Arabia For United Arab Emirates 2. Composite Supplies and Related Aspects Single supplies Composite supplies 3. Distance Transactions Sales treatments Purchases treatments 4. Stock Treatments Call off stock Consignment stock 5. Specific VAT Treatments Regional & International transactions Free zones VAT refunds Specific VAT treatments for different sectors Claim requirements for VAT inputs 6. VAT Schemes Cash-based accounting scheme Warranties Business promotion scheme Self-constructed house VAT refund scheme Capital assets scheme 7. Administration and Penalties General and closing provisions VAT assessments VAT penalties VAT returns and Authority fees Grievances and Appeals

9 Target Audience Financial & non-financial staff who will be resposnsible for dealing with all compliance & management related aspects of VAT for their respective business organisations. Prerequisites Participants who have attended BIBF s course Principles of VAT Course Structure The course is conducted using a combination of lectures, discussions and practice sessions Note: This course is examinable Course Facts Duration : 4 Days (5 hours per day) Lecturers : BIBF Faculty Course Dates For Year 2018: Dates 13th 16th 8th 11th 7th 10th 23rd 26th Month May July October December Fees: Member Organisations GCC Nationals : Covered by Levy Other Nationalities : BHD 100/- Non Member Organisations All Nationalities : BHD 300/-

10 VALUE ADDED TAX (VAT) IMPLEMENTATION & CONTROL Description This course is designed to provide knowledge on the implementation of Value Added Tax (VAT) and its legislation. This course will give participants a clear and comprehensive understanding on how VAT will impact financial and costing treatments of goods and services. Learning Outcomes Upon successful completion of this course, participants will be able to: Understand required changes in financial accounting Understand required changes in management accounting Explain VAT impacts on business strategic Planning Understand VAT impacts and required changes in business cash budgets Course Contents 1.Conventional & VAT Transactions Treatment As per financial accounting As per cost accounting 2.Required Changes in Financial Accounting Sales day book, sales return day book, and sales ledgers Purchase day book, purchase return day book, and purchase ledgers Inventory treatments Cash ledgers 4. Required Changes in Business Strategic Planning Pricing decisions Working capital and cash flows 5. Required Changes In Business Budgets Cash budgets Sales budgets Purchase budgets 3.Required Changes in Management Accounting Impacts and changes in costing techniques according to cost accounting techniques

11 Target Audience Financial staff of business organisations who shall be responsible in VAT implementation and managing its impacts on financial areas of business such as Accountants, Product & Service developers, Costing specialists, Entrepreneurs, Product pricing specialists. Prerequisites Basic knowledge of accounting, business and VAT with competency in arithmetics Participants who have attended BIBF s course Principles of VAT and Advanced Principles of VAT will get more benefits. Course Structure The course is conducted using a combination of lectures, discussions and practice sessions. Note: This course is examinable Course Facts Duration : 3 Days (5 hours per day) Lecturers : BIBF Faculty Course Dates For Year 2018: Dates 15th 17th 1st 3rd 18th 20th Month July October December Fees: Member Organisations GCC Nationals : Covered by Levy Other Nationalities : BHD 75/- Non Member Organisations All Nationalities : BHD 250/-

12 VALUE ADDED TAX (VAT) FOR FINANCIAL SECTOR Description The Financial Sector is one of the most complicated sectors to implement VAT. This is a comprehensive workshop which is exclusively designed to meet the needs of the financial sector on how VAT will impact the sector and their operations. Participants will learn VAT treatments of financial products (Conventional & Islamic Banking) and services as per the published VAT legislation of GCC countries. Learning Outcomes Upon successful completion of this workshop, participants will be able to: Understand scope of VAT on financial sector Explain VAT treatment of financial supplies VAT compuation including treament of mixed supplies Explain registration and deregistration requirements Calculate tax point Understand administration and penalties Workshop Contents 1. Scope of VAT What is tax and taxes classifications VAT implementation challenges 2.VAT Treatment of Financial Products VAT scope for goods and services VAT operations and calculations Types of VAT supplies and VAT Treatments (Standard, Zero & Exempt) 3. VAT Registration & Deregistration VAT compulsory and voluntary registrations Exemptions from VAT registrations Group registration VAT compulsory and voluntary deregistrations 4.VAT Calculations Basic calculations Treatment and calculations of mixed supplies 5.VAT Tax Point Basic tax point Change in tax point Irrecoverable debts relief Transitional rules for financial sector 6.VAT Administration Overview Record Keeping requirements VAT Invoicing Summary of VAT administartion Penalties

13 Target Audience Financial & non-financial staff from the financial sector who will be involved in compliance of VAT with their operations. Prerequisites Basic knowledge of accounting, banking and VAT with competency in arithmatcis. Workshop Structure The workshop is conducted using a combination of lectures, discussions and practice sessions. Workshop Facts Duration : 1 Day (5 hours per day) Lecturers : BIBF Faculty Workshop Dates For Year 2018: Dates 22nd 17th 12th 11th 27th Month March May July October December Fees: Member Organisations GCC Nationals : Covered by Levy Other Nationalities : BHD 50/- Non Member Organisations All Nationalities : BHD 100/-

14 MANAGING EXCISE TAX Description This is a comprehensive workshop exclusively designed on Excise Tax legislation, targeting those who wish to learn about its implementation challenges and its impacts to specific industries and business entities. This workshop will provide clear and comprehensive understanding about all aspects of Excise Tax law and its treatments for effected goods as per the published GCC Excise Tax legislations. Learning Outcomes Upon successful completion of this workshop, participants will be able to: Explain the effect of Excise Tax on businesses operations Make basic computations of Excise Tax Manage administrative & financial procedures of Excise Tax Understand Excise Tax administration & filling requirements Workshop Contents 1. Excise Tax scope and Taxable persons 2. Excisable items 3. Excise Tax calculation 4. Excise Tax registration and Deregistration requirements 5. Warehouses licensing procedures 6. Excise Tax suspension & Refunds aspects 7. Regional & International impacts 8. Excise Tax administration 9. Excise Tax penalties 10. Excise Tax Appeals Target Audience Financial & non-financial staff who are expected to be involved in Excise Tax implementation such as Accountants, Product & Service developers, Costing specialists, Entrepreneurs, Product pricing specialists and other decision makers who are interested to learn how to manage all aspects of Excise Tax legislation.

15 Prerequisites Basic knowledge of accounting and business with competency in arithmetics. Workshop Structure The workshop is conducted using a combination of lectures, discussions and practice sessions. Workshop Facts Duration : 1 Day (6 hours per day) Lecturers : BIBF Faculty Workshop Dates For Year 2018: Dates 15th 29th 10th 26th 9th 25th 15th 6th Month March April May July September October November December Fees: Member Organisations GCC Nationals : Covered by Levy Other Nationalities : BHD 50/- Non Member Organisations All Nationalities : BHD 100/-

16 VAT LEARN HOW TO HANDLE TAX TRANSACTIONS

17 Registration Form Tax Academy Sponsorship: Employment Status: Self Organisation Scholarship Employed Unemployed Student Participant Details (Mandatory): Name (First) (Middle) (Last) BIBF Reg. No. (If Any) CPR Nationality Position Department Organisation Mobile No. Residence No. Office No. Address Country I hereby certify that the information provided on this form is correct: SIGNATURE DATE Sponsor Details Parent / Guardian Details (Mandatory): Organisation Name Position (First) (Middle) (Last) Department Office No. Address Country SIGNATURE & STAMP* DATE Kindly ensure all mandatory sections are duly filled. Incomplete applications will not be further processed. Please note all prices are net of any current or future taxes that may be imposed by the local government.

18 Please provide the following documents along with the registration form: 2 passport size photographs Copy of CPR and Passport Methods of Payment Cheque Please find enclosed a cheque for made payable to BIBF. Credit card Please debit my credit card Visa Mastercard Card No. Cardholder s Name Cash Expiry Date Signature Online Payment pay.bibf.com Terms & Conditions: 1. A non-refundable application fee of BD 25/- is to be paid upon registration. 2. BIBF offers courses on the basis that there will be sufficient students to justify running it or else the course will be cancelled. 3. BIBF may modify the dates of the course should any unexpected/unavoidable circumstances arise. BIBF s liability in the event of any modification or cancellation will be limited to cover the full paid course fees. 4. No refund will be entertained unless the written request is received at least two weeks prior to the commencement of the course. However, BIBF will permit the nomination of a substitute candidate before the course starting date. 5. Students may withdraw from their studies at any time, either before or after the start of the course. Withdrawal requests should be submitted in writing to the Registrar. Students applying for withdrawal, two weeks from the course commencement date will be entitled to a 50% refund. No refunds will be made thereafter. 6. Deferral requests should be made in writing, two weeks from the course commencement date. No deferral requests will be entertained thereafter. Fees can be deferred for one session only, and course fees paid will not be refunded. Students are not allowed to attend a different course/subject for an approved deferral request. 7. Students should attend the full duration of the course as scheduled and strictly abide with the stated course timings. In the event of a student attending less than 80% of the total course hours, the student will be withdrawn from the course, marked as a Drop Out, and requested to re- register. For fee bearing courses, the total fees will be charged irrespective of the number of sessions attended. 8. BIBF reserves the right to change the fee structure without prior notice. 9. Please note all prices are net of any current or future taxes that may be imposed by the local government. I declare that I have read and accept the above mentioned terms & conditions: SIGNATURE DATE FOR BIBF OFFICE USE ONLY INFORMATION DESK Receipt Number Date Amount Comments Signature REGISTRATION OFFICE Student ID Date Registered By Comments Please forward this form to: The Registrar, BIBF, PO Box 20525, Manama, Kingdom of Bahrain / accounting@bibf.com

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20 For further information, and to register: Please contact the Centre for Accounting & Finance / accounting@bibf.com