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Basic VAT & VAT on Short Term Insurance Seminars - KPMG Crescent Auditorium
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This seminar will focus on creating a better understanding of general VAT principles aimed at increasing a delegate's working knowledge in the day-to-day administration and accounting of VAT. The primary objective of this seminar is to create a better understanding of VAT in the short-term insurance industry.

2013/06/11 to 2013/06/12
When: 2013/06/11
9:00 – 12:00 (Registration from 08:00)
Where: KPMG Crescent Auditorium
85 Empire Road
Parktown, Gauteng 
South Africa
Contact: Nadia Du Plessis


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BASIC VAT & VAT ON SHORT TERM INSURANCE SEMINARS

OVERVIEW:

BASIC VAT PRINCIPLES:

This seminar will focus on creating a better understanding of general VAT principles aimed at increasing a delegate's working knowledge in the day-to-day administration and accounting of VAT.

This will include a focus on general VAT rules, documentary requirements, adjustments, imports, exports and common issues including the IT14SD and the Tax Administration Act.
VAT ON SHORT TERM INSURANCE:

The primary objective of this seminar is to create a better understanding of VAT in the short-term insurance industry.

This will include focussing on the importance of VAT on insurance, value of sums insured, VAT rates on premiums and commissions, claims, VAT on bonuses and recoveries, various topical aspects and the latest SARS ruling.


COURSE CONTENT:

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.

3. Adjustments
Trade discounts, returned goods, settlement of prompt payment discounts, confidential discounts, bad debts.

4. Imports
Importation of goods, value of supply, time of supply, importation of services.

5. Exports
Goods, 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.

3. General
VAT on bonuses, recoveries, peculiarities.


WHO SHOULD ATTEND:

Tax practitioners, small business owners, Advisors, Auditors, Accountants, Tax consultants, Tax advisers, Tax specialists, Bookkeepers, Academics company directors, Budding entrepreneurs and anyone involved in small business management.

CPD:

Your attendance will also give you 4 valuable hours of CPD for Morning or afternoon sessions and 8 valuable hours for full day session.

EVENT INVESTMENT:

Cost for both seminars: R3 400.00


PROUDLY BROUGHT TO YOU BY:

 

WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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