VAT Management

Value Added Tax
" Certificate Course "
Registration Last Date: 12 August, 2024
Venue: House# 05 (1st Floor), Flat# 1-A, Block # D, Road # 17, Banani, Dhaka -1213 (Classroom)

Introduction:

Valued Added Tax (VAT) is a very important matter of today’s life. Everybody comes across different aspects of VAT in course of his daily life and professional life. Be it an industry or any business house or any government or non-government office, there lies either the need for paying VAT or deducting VAT at source. All retail buyers require knowing the need for and importance of taking VAT Challan. So, it is important for everyone to obtain basic knowledge on VAT. It is more important for them whose decisions matter for their businesses, industries and offices. Moreover, people dealing with income tax, audit, management, finance, procurement, bills payable etc. sections in different businesses and industries require knowing many things regarding VAT, some of those matters are tricky in nature. Updated knowledge in the area is needed to lead a team in corporate houses. An executive or a corporate team leader not only requires to know the rules and regulations currently in practice but for promoting the purposes of the organizations, they require to know what rules and regulations are in the offing that will impact them. The Value Added Tax and Supplementary Duty Act, 2012 (new VAT law) has been passed by the parliament in 2012. Preparatory work is now going on to make the law fully effective from 1 July 2019. The executives and corporate leaders require knowing promptly what are the basic features of the new VAT law and how the new VAT law differs from the VAT law currently in force. The new VAT law shall be implemented through automated system. So, it also requires knowing what shall be the role of the VAT payers in the automated process. VAT deduction at source is a very important aspect of our VAT system today. People serving in the VDS withholding entities require knowing in details the provisions regarding VDS. This program is designed to provide the participants the VAT knowledge in these areas.

How will participants benefit after this training?

The purpose of this program is to provide the participants basic understanding regarding the features of the new VAT law and to make them understand how the new VAT law is different from the current VAT law (VAT Act, 1991). Another purpose is to make them understand the features of the automated system through which the new VAT law shall be implemented. In addition, providing working knowledge regarding the provisions of the current VDS system is also a purpose of this training. Thus, attending the program, the participants:

— Can develop knowledge regarding the basic features of the new VAT law & Customs law;
— Can develop knowledge regarding how the new VAT law is different from the current VAT law;
— Can understand the basic features of the automated system through which the new VAT law & Customs law shall be implemented;
— Can understand their role to implement the new VAT law;
— Can understand the basic provisions of current VDS system;
— Can plan strategies for their organizations ahead to face future challenges;

Contents of Training:

Day: 01

  • Basic Structure of NBR,
  • Structure of VAT Commissionerate and Field Offices,
  • Brief history of Value Added Tax (VAT),
  • Brief discussion on Indirect and Direct Tax,
  • Important Definitions of VAT Rate, SD Rate, Finance Bill & Finance Act,
  • Details discussion on SRO, GO, SP & Explanation
  • Brief discussion on 1st, 2nd & 3rd Schedule.
Day: 02

  • VAT Registration & Procedure,
  • Amendment of Registration,
  • Central VAT Registration & Procedure,
  • Unit Registration,
  • Turnover Tax Enlistment & Procedure,
  • Thresholds for Registration and Enlistment,
  • VAT Registration process through online (A Practical demonstration)
Day: 03

  • Process of Input-Output co-efficient declaration.
  • Base Value Calculation for VAT & SD.
  • SD impose & collection
  • Case Study (Input-Output co-efficient declaration)
  • Net Tax calculation & payment
  • Discussion on Export & Deemed Export.
Day: 04

  • VAT Accounting and bookkeeping – A Practical demonstration as per Rule 40 of     VAT & SD Rules, 2016,
  • VAT Invoice,
  • Obligation & Record keeping,
  • Credit note,
  • Debit note,
  • Transfer of Goods & Contract Manufacturing,
  • Importance & mandatory of Record keeping for Trader, Importer, Manufacturer & Exporter
Day: 05

  • Definition of Inputs,
  • Input Tax Credit (VAT Rebate),
  • Input Tax Credit Mechanism,
  • Where Input Tax Credit Allowed or Not,
  • Process of Advance Tax adjustment.
Day: 06

  • VAT Deduction at Source (VDS),
  • Required to deduct VAT,
  • Rate of VAT Deduction   at source,
  • Deducting Authority and their responsibility,
  • Procedure of deduction, deposit & record keeping.
  • How to handle VDS Audit by the Authority?
Day: 07

  • VAT Authority,
  • Power of Adjudication, Offences and Penalty Under VAT Act,
  • Appeal Procedure & required documentation,
  • Detail discussion on VAT Consultant & VAT Agent.
Day: 08

  •  Increasing & Decreasing Adjustment,
  • Preparation of VAT Return,
  • Full process of online VAT return submission (A Practical demonstration),
  • Correction of VAT Return
Price:

8,000.00৳ 

Course Details
Date
13th August to 8th September, 2024
Time
Night: 7:00 PM to 9:00 PM
Classes / Sessions
8
Class Schedule
Sunday & Tuesday (Every Week)
Total Hours
16

- Entrepreneurs, Exporters, Importers, Suppliers, Manufacturers,
- Senior/ Mid-level Business Executives of Import, Export and Industrial firms,
- Accounts/Finance Executives, Manager/Sr. Manager (F & A),
- VAT Practitioner/Consultant, VAT and Income Tax Payers.

Arrangement for Tea & Snakes would be made by the Organizer during the training.
Narayan Chandra
Consultant (VAT & Tax), NBR

Narayan Chandra Bhakta, is an autodidact & renowned Taxation (VAT, Customs & Tax), Company formation, Corporate secretarial services advisor & practitioner in Bangladesh. His prodigy is widely recognized and accredited in this arena.
He has 17 years’ experience in VAT, Tax, Government Regulations, Accounting Control, Stakeholder Management, Company Formation, Secretarial Services & Strategic Tax planning to ensure maximum benefit for the company.
Currently, he is the Chief Consultant at Bhakta & Associates and providing various services to 18 different companies and 185 individuals on VAT, Customs, Tax and Secretarial services.

Introduction:

Valued Added Tax (VAT) is a very important matter of today’s life. Everybody comes across different aspects of VAT in course of his daily life and professional life. Be it an industry or any business house or any government or non-government office, there lies either the need for paying VAT or deducting VAT at source. All retail buyers require knowing the need for and importance of taking VAT Challan. So, it is important for everyone to obtain basic knowledge on VAT. It is more important for them whose decisions matter for their businesses, industries and offices. Moreover, people dealing with income tax, audit, management, finance, procurement, bills payable etc. sections in different businesses and industries require knowing many things regarding VAT, some of those matters are tricky in nature. Updated knowledge in the area is needed to lead a team in corporate houses. An executive or a corporate team leader not only requires to know the rules and regulations currently in practice but for promoting the purposes of the organizations, they require to know what rules and regulations are in the offing that will impact them. The Value Added Tax and Supplementary Duty Act, 2012 (new VAT law) has been passed by the parliament in 2012. Preparatory work is now going on to make the law fully effective from 1 July 2019. The executives and corporate leaders require knowing promptly what are the basic features of the new VAT law and how the new VAT law differs from the VAT law currently in force. The new VAT law shall be implemented through automated system. So, it also requires knowing what shall be the role of the VAT payers in the automated process. VAT deduction at source is a very important aspect of our VAT system today. People serving in the VDS withholding entities require knowing in details the provisions regarding VDS. This program is designed to provide the participants the VAT knowledge in these areas.

How will participants benefit after this training?

The purpose of this program is to provide the participants basic understanding regarding the features of the new VAT law and to make them understand how the new VAT law is different from the current VAT law (VAT Act, 1991). Another purpose is to make them understand the features of the automated system through which the new VAT law shall be implemented. In addition, providing working knowledge regarding the provisions of the current VDS system is also a purpose of this training. Thus, attending the program, the participants:

— Can develop knowledge regarding the basic features of the new VAT law & Customs law;
— Can develop knowledge regarding how the new VAT law is different from the current VAT law;
— Can understand the basic features of the automated system through which the new VAT law & Customs law shall be implemented;
— Can understand their role to implement the new VAT law;
— Can understand the basic provisions of current VDS system;
— Can plan strategies for their organizations ahead to face future challenges;

Contents of Training:

Day: 01

  • Basic Structure of NBR,
  • Structure of VAT Commissionerate and Field Offices,
  • Brief history of Value Added Tax (VAT),
  • Brief discussion on Indirect and Direct Tax,
  • Important Definitions of VAT Rate, SD Rate, Finance Bill & Finance Act,
  • Details discussion on SRO, GO, SP & Explanation
  • Brief discussion on 1st, 2nd & 3rd Schedule.
Day: 02

  • VAT Registration & Procedure,
  • Amendment of Registration,
  • Central VAT Registration & Procedure,
  • Unit Registration,
  • Turnover Tax Enlistment & Procedure,
  • Thresholds for Registration and Enlistment,
  • VAT Registration process through online (A Practical demonstration)
Day: 03

  • Process of Input-Output co-efficient declaration.
  • Base Value Calculation for VAT & SD.
  • SD impose & collection
  • Case Study (Input-Output co-efficient declaration)
  • Net Tax calculation & payment
  • Discussion on Export & Deemed Export.
Day: 04

  • VAT Accounting and bookkeeping – A Practical demonstration as per Rule 40 of     VAT & SD Rules, 2016,
  • VAT Invoice,
  • Obligation & Record keeping,
  • Credit note,
  • Debit note,
  • Transfer of Goods & Contract Manufacturing,
  • Importance & mandatory of Record keeping for Trader, Importer, Manufacturer & Exporter
Day: 05

  • Definition of Inputs,
  • Input Tax Credit (VAT Rebate),
  • Input Tax Credit Mechanism,
  • Where Input Tax Credit Allowed or Not,
  • Process of Advance Tax adjustment.
Day: 06

  • VAT Deduction at Source (VDS),
  • Required to deduct VAT,
  • Rate of VAT Deduction   at source,
  • Deducting Authority and their responsibility,
  • Procedure of deduction, deposit & record keeping.
  • How to handle VDS Audit by the Authority?
Day: 07

  • VAT Authority,
  • Power of Adjudication, Offences and Penalty Under VAT Act,
  • Appeal Procedure & required documentation,
  • Detail discussion on VAT Consultant & VAT Agent.
Day: 08

  •  Increasing & Decreasing Adjustment,
  • Preparation of VAT Return,
  • Full process of online VAT return submission (A Practical demonstration),
  • Correction of VAT Return