VAT Management
Venue House#05 (1st Floor), Flat# 1-A, Block # D, Road # 17, Banani, Dhaka -1213
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
Ø Determination of Unit Cost, Input Output Co-Efficient & Fair Market Value: What is cost accounting, How to derive unit cost, What is allocation and allocation base, Fixed cost & variable Cost, The Input Output Co-Efficient , Importance of Input Output Co-efficient, Preparation of Input Output Co-efficient (Mushk_4.3) for Manufacturing and Commercial Importer, Traders; Practical Aspect of Input Output Co-efficient preparation of different industries and fair market value determination , Definition of Fair market Value, Situation of determining fair market value, Determining of Fair Market Value & Methods to determine fair market value, Fair Market Price Rule 2019. |
Day: 02
Ø Record Keeping and Accounting In VAT: Importance of record keeping in VAT, Obligation & Record keeping, Characteristics of VAT as a tax system, Record keeping (mainly), Commercial documents, VAT Accounting and Payment Procedures, VAT Accounting and book keeping -A Practical demonstration as per Rule 40 of VAT & SD Rule 2016, Credit note, Debit note, Transfer of goods, Contract Manufacturing.
|
| Day: 03
Ø VAT Authority, Audit & Investigation: VAT authority, Assistance to VAT Authority, Power to enter & search, seizure of goods and disposal thereof. Imposition of monetary penalty for non-compliance or irregularities; Audit & investigation of a tax payers’ economic activities, Power of VAT officer, supervised supply, observation and surveillance, Appointment of auditor for performing special audit, |
Day: 04
Ø Recovery, Offence Trail & Punishment, Appeal & Revisions: Recovery of arrear Tax, power of VAT officer to recover under code of civil procedure, seizure of goods and disposal, death of insolvency of tax payer, Payment of arrear tax by installment, Offences and penalty under VAT Act, Adjudication, Power of adjudication, Imposition of penalties, Appeal, Adjudication procedure, Trial by Special Judge, Appellate Authority, Appeal procedure, Alternative Dispute Resolution (ADR).
|
| Day: 05
Ø Carry Forward, VAT Refund & Miscellaneous: Carry forward and refund; Refund of negative net amount without carry forward; Application for refunded, Duty Drawback and Procedure of Drawback; Procedure of providing VAT clearance certificate and honor card, The uses of Tax clearance certificate and honor card; VAT agent, VAT Consultant; VAT Software/ EDF.
|
Day: 06
Ø Offence, Penalty, Adjudication, Appeal and ADR. Untrue statement (Mis-declaration); Fine and penalties; Adjudication & it’s Procedure, Adjudicating Authority, Summary Adjudication, |
| Day: 07
Ø Assessment of Net Payable Tax & Input Credit, SD & Turnover Tax: Assessment of Tax payable, Net VAT calculation-case study; Different adjustment; post supply procedure in case of adjustment events, post supply adjustment for unrealized consideration; Adjustment made in case of wealth used for private purposes and other adjustments, |
Day: 08
Ø Manner of VAT Collection: VAT collection Procedure, VAT on import, Valuation of import, Export for re-import, Import for re-export, Advance Tax on import and adjustment, Refund of advance tax, Determination of value of taxable supply, Valuation for VAT, SD, RD, AT and AIT at import stage, |
| Day: 09
Ø VAT Imposition |
Day: 10
Ø Registration, Return making and Input output co-efficient making |
Related Courses
Financial Management for Non-Financial Personnel
This course will allow nonfinancial personnel to equip with financial management knowledge and tools of practical corporate valuation will help to take decision.
- January 10, 2025
- Enroll now