1. General VAT Rules
What is VAT, VAT principles, VAT registration, accounting basis, tax periods, input tax, output tax, deemed supplies, zero rated and exempt supplies, time & value rules.
2. Documentary Requirements
Tax invoices, debit notes, credit notes, copy tax invoices, price labels and quotations.
Trade discounts, returned goods, settlement of prompt payment discounts, confidential discounts, bad debts.
Importation of goods, value of supply, time of supply, importation of services.
6. Common Issues
Bad debts, outstanding debts, entertainment, IT14SD, Tax Administration Act, etc
1. General Principles relating to VAT on Insurance
Technical concepts and definitions (including sections 1, 7(1)(a); 8(8); 16(3)(c); 11) Sums Insured, Premiums & Commissions, VAT rates, time and value rules, etc.
2. VAT treatment of Claims
Vendors, non-vendors, material, non-material, local, foreign (section 16(3)(c), etc)., own damage, third party damage.
VAT on bonuses, recoveries, peculiarities.