1.1 Introduction
1.2 VAT in GCC Countries
1.2.1 VAT System
1.2.2 Why VAT?
1.3 VAT Registration
1.3.1 Who should mandatorily register under VAT?
1.3.2 Who can voluntarily register under VAT?
1.3.3 Who is exempted from registering under VAT?
1.3.4 VAT Registration Due Date in UAE
1.4 VAT Rates
1.4.1 Important Terms/Terminology under VAT in UAE
1.5 Understanding of Different Types of VAT Supplies
1.6 GCC VAT Computation
1.6.1 Invoicing
1.7 VAT in TallyPrime
1.7.1 Creation of Company and Activating VAT
1.7.1.1 Company Creation in TallyPrime
1.7.2 Introducing Capital into the Business
1.7.3 Creation of Masters in TallyPrime
1.7.3.1 Creation of Accounting Masters
1.7.3.2 Creation of Inventory Masters
1.7.3.3 Displaying Chart of Accounts
1.7.4 Hierarchy of Calculating Tax in Transactions
1.8 Recording Basic VAT Transactions
1.8.1 Accounting of Domestic Taxable Transactions at Standard Rate
1.8.1.1 Purchase of Taxable Goods
1.8.1.2 Sale of Taxable Goods
1.8.2 Accounting of Intra GCC Transactions
1.8.2.1 Intra GCC Supply – Export within GCC Countries
1.8.2.2 Intra GCC Purchase – Reverse Charge Mechanism
1.8.3 Accounting of Purchase Returns & Sales Returns
1.8.4 Accounting of Advance Receipts Under GCC-VAT
1.8.5 Accounting of Exempted Supply
1.8.6 Accounting of Zero Rated Supply
1.8.7 Inclusive of Tax
1.8.8 Recording Sales Invoice against Advance Received in the Last Return Period
1.8.9 Accounting of Service Transactions
1.8.10 Purchase from an Unregistered Dealer
1.8.11 Sales with Additional Ledgers (Expenses)
1.8.12 Override Tax Details in an Invoice
1.8.13 Round-off of Sales Invoice Value
1.9 Recording Advanced VAT Transactions
1.9.1 Imports from Outside GCC Countries
1.9.1.1 VAT paid at Customs
1.9.1.2 VAT not paid at Customs
1.9.2 Export to Outside GCC Countries
1.9.3 Supply on Profit Margin under GCC VAT
1.9.4 Import for Subsequent Sales (GCC Transfer)
1.9.5 Subsequent Sales to Intra GCC Countries
1.9.6 Transfer of Right to Use
1.9.7 Accounting of Purchase of Capital Goods
1.9.7.1 Purchase of Capital Goods and claim Input Credit fully in the same voucher
1.9.7.2 Purchase of Capital Goods and claim Input Credit Partially in the same voucher
1.9.7.3 Purchase of Capital Goods without claiming ITC
1.9.7.4 Reversal of Input Tax under GCC VAT
1.10 Printing of VAT Invoice
1.10.1 Accounting of POS with VAT and Printing Invoice in Bilingual
1.10.2 Accounting of POS to Overseas Tourist with VAT
1.11 Payment of VAT to Tax Authority
1.11.1 Tax Payment Reconciliation of GCC VAT
1.11.2 VAT Payment using GIBAN
1.12 VAT Reports Analysis
1.12.1 VAT 201
1.12.2 Advance Receipt Report
1.12.3 Reverse Charge Report
1.12.4 VAT Paid to Customs Report
1.12.5 Return Transaction Book
1.12.6 Tax Payment Reconciliation
1.12.7 Tax Rate Setup
1.12.8 Update Party TRN
1.12.9 Import Party TRN
1.13 Filing of Return
1.14 Federal Tax Authority (FTA) Audit File
1.15 Corporate Tax in UAE
1.15.1 What is a Corporate Tax?
1.15.2 Who should Register and Pay Corporate Tax in UAE?
1.15.3 Who is exempt from Corporate Tax?
1.15.4 What is the Corporate Tax Rate?
1.15.5 What is Withholding Tax rate?
1.15.6 How is the corporate tax in UAE calculated?
1.15.7 How to calculate Taxable Income of a Tax Group?
1.15.8 Filing and Corporate Tax Payment
Conclusion
Key Takeaways
Shortcut Keys
Practice Exercises