Fundamentals Of VAT

After completing this course you will be able to identify the advantages and disadvantages of a VAT type of tax and how it fits into the tax mix of states around the world. 

You will also be able to recognize how VAT operates, particularly after completing this course you will be able to identify the advantages and disadvantages of a VAT type of tax and how it fits into the tax mix of states around the world. 

You will also be able to 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. respect of output tax and input tax, in such a way that it remains neutral in its application by businesses.

What Will I Learn?

• 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.