Value Added Tax (70912)

The objective of the course was designed to teach students the principles of Value-Added Tax in a practical way. It covers the entire field of VAT and concentrates on the calculation and recording of VAT transactions.

Content:

Study Guide 1:

• Introduction
• General background on VAT
• The VAT Act
• Accounting basis
• Registration and tax periods
• Types of supply
• Taxable supplies
• Exempt supplies
• Goods imported and imported services
• Tax invoices and other documentation
• The VAT return

Study Guide 2:

• Input tax
• Deemed supplies
• Time and value of supply
• Adjustments for change in use
• Exports
• Supply of a going concern
• Deregistration
• The VAT return

Study Guide 3:

• Fixed property transactions
• Deceased estates
• Insolvent estates and VAT
• The agricultural sector
• Financial services
•  Tax Administration Act
• Objection and appeal, tax liability, payment and recovery of tax
• Penalties, interest and other sanctions, planning considerations and transitional rules