Fundamentals of Value Added Tax - VAT

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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