VAT - Back to Basics

This course relates to South African Taxes only*

As a tax professional, learners are immediately confronted with large volumes of detailed tax theory, and struggle to understand how the theory fits into the end goal of preparing tax computations.

This course has been designed to develop a foundation of simple application upon which the complexities of taxation can be built at a later stage. The approach to this session is practical rather than theoretical.

Topics Discussed:

• Definitions: Output tax and Input tax

• Registration

  • Category of vendor

  • Refusal to register

  • Cancellation of registration

  • Onus on the vendor

  • Liability of vendor

• Time and value of supply

  • General rule

  • Rental agreement

  • Instalment credit agreement

  • Fixed property

  • Open Market Value

• Zero-Rating

  • Export of goods

  • Export of secondhand goods

  • Supply of a going concern

  • Fuel levy

  • Services

• Exempt Supplies

  • Financial services

  • Residential accommodation in a dwelling

  • Education services

  • Transport by road or rail

  • Other

• Input Tax

  • Apportionment of input deductions – section 17 (1)

  • Prohibited input deductions – section 17 (2)

  • Double inputs

• Calculation of VAT payable – section 16 (3)

• Accounting basis

• Deemed Supplies

  • Fringe Benefits – section 18 (3)

  • Person ceasing to be a vendor – section 8 (2)

  • Disposal of going concern – section 8 (7)

  • Insurance claims – section 8 (8)

  • Non-Supplies – section 8 (14)

  • Supply of goods or services used partly for making taxable supplies – section 8 (16)

• Tax invoices, credit notes, debit notes

• Irrecoverable debts – section 22

• Late payments of VAT and interest on refunds

• VAT and micro businesses

• VAT and connected persons

All Included:

• Video presented course

• Downloadable course material

• Certificate of training

• Assessment (optional)

• SAIT Accredited - 4 Verifiable CPD Points

Who this course is for:

• Employees, Managers, Financial Staff and Individuals