Deloitte School of Tax & Legal

Value-Added Tax BOOTCAMP - Fundamentals of VAT: Output Tax 

This was the first webinar in the 3-part VAT Bootcamp series.

VAT is an essential part of any business. Finance staff need to make decisions regarding the VAT treatment of transactions on a daily basis and if these decisions are incorrect, it could potentially have a huge cash flow impact for a business. Training is one of the simplest and most effective methods to prevent this outflow of cash.

At the Deloitte School of Tax & Legal, we aim to find a good balance between theory and practical application.

This training is based on a case study of a new business and will take delegates through some “real-life” examples of the typical day-to-day transactions encountered by the vendor.

By attending this training participants will have a good understanding of the key VAT principles, including areas where the most common mistakes happen. It will also give you the opportunity to discuss and clarify your understanding of the VAT treatment of common transactions a vendor deals with.

• CPD: 2.5 hours per webinar
• Cost:  R1 078.13 (incl. VAT)

Value-Added Tax BOOTCAMP - Fundamentals of VAT: Input Tax 

This was the second webinar in the 3-part VAT Bootcamp series.

VAT is an essential part of any business. Finance staff need to make decisions regarding the VAT treatment of transactions on a daily basis and if these decisions are incorrect, it could potentially have a huge cash flow impact for a business. Training is one of the simplest and most effective methods to prevent this outflow of cash.

At the Deloitte School of Tax & Legal, we aim to find a good balance between theory and practical application.

This training is based on a case study of a new business and will take delegates through some “real-life” examples of the typical day-to-day transactions encountered by the vendor.

By attending this training participants will have a good understanding of the key VAT principles, including areas where the most common mistakes happen. It will also give you the opportunity to discuss and clarify your understanding of the VAT treatment of common transactions a vendor deals with.

• CPD: 2.5 hours per webinar
• Cost:  R1 078.13 (incl. VAT)

Value-Added Tax BOOTCAMP - Imports, Exports and General VAT Compliance.

This was the third webinar in the 3-part VAT Bootcamp series.

VAT is an essential part of any business. Finance staff need to make decisions regarding the VAT treatment of transactions on a daily basis and if these decisions are incorrect, it could potentially have a huge cash flow impact for a business. Training is one of the simplest and most effective methods to prevent this outflow of cash.

At the Deloitte School of Tax & Legal, we aim to find a good balance between theory and practical application.

This training is based on a case study of a new business and will take delegates through some “real-life” examples of the typical day-to-day transactions encountered by the vendor.

By attending this training participants will have a good understanding of the key VAT principles, including areas where the most common mistakes happen. It will also give you the opportunity to discuss and clarify your understanding of the VAT treatment of common transactions a vendor deals with.

• CPD: 2.5 hours per webinar
• Cost:  R1 078.13 (incl. VAT)

VAT Focus: Agency Rules

The Value-Added Tax (VAT) treatment of agency transactions is relatively straight forward. On the other hand, establishing whether a person is acting as the agent or principal in respect of a supply of goods or services can be very complex.

The term “agent” is not defined in the VAT Act and therefore we need to refer to common law to understand this concept. Furthermore, in terms of Public Notice 748, the Commissioner of SARS may reject an application for a AT ruling to determine whether a person is acting as an agent or principal in respect of the supply of goods or services.

It is of utmost importance to understand the VAT principles concerning agents as the VAT consequences of a transaction cannot be determined until the contractual relationship between the parties is established.

During this webinar we unpack:

• What is an agent?
  • Case law
  • VAT Guide 411 & Interpretation note 42
  • The agency mandate / contract

• VAT treatment of agency transactions
  • General rules under section 54
  • Documentary requirements (including agency statements)
  • Disbursements vs Recovery of cost
    • Overview
    • United Kingdom guidelines
    • Employee reimbursements
    • Intercompany cross-charges
• Auctioneers

• Cross-border transactions
  • Import of goods
  • Export of goods
  • Intermediaries of foreign supplies of electronic services

• System requirements

CPD: 2.5 hours

Cost:  R1 078.13 (incl. VAT)

Cross-border transactions: VAT considerations

The Value-Added Tax (VAT) system in South Africa is a multi-stage tax on the consumption of goods and services. It is also a destination based taxed, i.e. taxed in the country of consumption. For example, goods and services exported from South Africa may be zero-rated; or goods and services imported into South Africa may be subject to VAT on importation.

There is another level of complexity in ensuring the correct VAT treatment of the international supply of goods and services.

The purpose of this webinar is to provide the participant with an understanding of the key VAT principles that come into play when transacting cross-border.

The session will cover:

• Importation of goods
  • Who is liable for VAT on importation of goods?
  • Customs value of goods imported.
  • Whether Customs VAT paid on the importation of goods may be claimed as input tax.
  • The documentary requirements to substantiate an input tax deduction for VAT paid on importation of goods.
  • Imports by agents on behalf of a foreign supplier.

• “Imported services”, including the VAT principles in respect of foreign suppliers of electronic services.

• Export of goods
  • Meaning of “exported”.
  • Difference between direct and indirect export of goods.
  • Requirements to zero-rate the direct export of goods under Interpretation note 30.
  • VAT treatment of indirect export of goods under Regulation 316.
  • VAT 201 return.
  • Export services with a focus on the zero-rating of services supplied to non-residents.
• Supplies to a foreign independent branch

• Cost: R1 006.25 (incl. VAT)
• CPD: 2.5 hours

VAT is an essential part of any business.

Finance staff need to make decisions regarding the VAT treatment of transactions on a daily basis and if these decisions are incorrect, it could potentially have a huge cash flow impact for a business. Training is one of the simplest and most effective methods to prevent this outflow of cash.

At the Deloitte School of Tax & Legal, we aim to find a good balance between theory and practical application.

This webinar series will therefore be based on a case study of a new business and will take delegates through some “real-life” examples of the typical day-to-day transactions encountered by the vendor.

By enrolling for and viewing this webinar series you will have a good understanding of the key VAT principles, including areas where the most common mistakes happen. It will also give you the opportunity to discuss and clarify your understanding of the VAT treatment of common transactions a vendor deals with.

The outline of this webinar series is as follows:

Part 1: Output Tax

• Basic introduction to VAT:
• The basic VAT calculation
• Registration as a VAT vendor
• Invoice vs payment basis of accounting for VAT
• Overview of types of supplies
  • Overview of when a vendor is liable for VAT (including the definitions of ‘enterprise’, ‘supply’, ‘goods’ & ‘services’)
  • Consideration and value of a supply (including the VAT treatment of donations and deposits)
  • Value & time of supply
  • Overview of zero- rated and exempt supplies
  • Deeming provisions, including:
    • Fringe benefits
    • Indemnity payments
• Debit and credit notes
• Other output tax adjustments

 Part 2: Input Tax

• A basic understanding of input tax
• The documentary requirements (including electronic invoices)
• Recipient created invoices
• Input tax specifically denied (i.e. entertainment, motor car and subscriptions).
• Reimbursements and credit cards
• Notional input tax on second-hand goods
• When and how to apportionment of input tax deductions
• VAT treatment of agent/principal transactions
• VAT treatment of company-cross charges
• Other input tax adjustments

CPD:  5 hours

VAT affects all financial transactions of a business and a good understanding of VAT principles is essential.

This practical online training course will ensure that you have a thorough understanding of the fundamentals of VAT, including areas where the most common mistakes happen. It also includes the latest information and legislation to ensure that you are up to speed with the most recent amendments.

The flexibility and convenience of this online training will allow you to complete the course in your own time, at your own pace and from anywhere. 

The course is broken down into six sessions. Each session is followed by a short assessment to test the knowledge gained.

After successfully completing the course, you will receive a certificate of completion (3.75 CPD/CPE hours).

The Advanced VAT Topics online course has been designed for participants with a fair understanding of the basics of VAT and who want to gain a deeper understanding of more advanced VAT principles such as (but not limited to):

• The VAT treatment of agent / principal transactions;
• The sale of a going concern;
• Change in use adjustments;
• Leasehold improvements; and
• Zero-rating of services supplied to a non-resident.

This course is a great follow up to our VAT Back to Basics online course.

That course is broken down into 6 sessions. Each session is followed by a short quiz to test the knowledge gained.

After successfully completing the course, you will receive a certificate of completion (3 CPD/CPE hours).