The basic VAT principles

Accounting & Finance / Tax
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Training Description

Every day, you receive invoices with and without VAT: is that correct? How to book them? How can I properly declare them in my company’s or clients' VAT return? How can I correct errors? What is the taxation procedure?

To answer these questions, we offer you two complimentary training: The basic VAT principles and The Luxembourg VAT return.

During our first training THE BASIC VAT PRINCIPLES, we will review the basic principles of VAT (the notion of taxable person, the taxable transactions, the place of supply of transactions, the exemptions and the liability of the tax), the rights and obligations of the taxable person (right to deduct, registration, filing of returns, issuing of invoices and keeping of accounts) on the basis of examples.



Program



Part 1: The 5-question method

  1. Who carries out the transaction? – what is an « economic transaction »?
  2. What? Is it a taxable transaction?
  3. Where? Place of supply?
  4. Any exemption applicable? If no, what’s the VAT rate applicable?
  5. Who is liable for VAT?

Part 2: The taxable person ‘s rights and obligations

  • Right to deduct VAT (the two methods, the VATRefund procedure)
  • Obligations: to pay VAT, to register, to file returns (European Sales Lists, Intrastat), to issue VAT compliant invoices, to have proper accounting (FAIA), to de-register for VAT.

Part 3: Exercise

  • Preparation of VAT return of a company receiving dividends, granting interests bearing loans and supplying management services.

 

Duration

3 Hours

Start date 1

Feb 14 2020

Learning Objectives

At the end of the training, participants will be able

  • to qualify the basic transactions of their company or clients from a VAT point of view,
  • to assess whether the invoice received from a supplier is correct,
  • to understand the VAT deduction mechanism,
  • to be aware of the various reporting obligations and the applicable time limits.

Assessment

None

Language

English

For Whom

Accountants & chartered accountants. Auditors.

Any employee of the finance department.

Managers, business owners (commercial & holding company).

This training is perfect for juniors accountants or people willing to refresh their fundamental VAT knowledge.



Prerequisites

None

Number of Participants

6 (min) - 14 (max)

Order Additional

Processing Fees (3%): 9.60 EUR

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