Certificate in Cyprus VAT Legislation
- Λογιστικά/ Έλεγχος/ Φορολογικά - Νομοθεσία, Νομική & Δικηγόροι - Πιστοποιήσεις/ Προσόντα/ Άδειες
ΠΕΡΙΓΡΑΦΗ
In an effort to minimize costs, businesses are witnessing an increasing trend to manage VAT compliance obligations in house. However, simple VAT compliance tasks may lead to significant VAT risks and penalties if not handled timely and correctly making it imperative for professionals to possess an adequate understanding of VAT principles to enable proper handling of VAT Compliance obligations.
The objective of the course is to equip individuals with the necessary VAT knowledge and skills so that correct application is followed in day-to-day VAT functions, and VAT saving opportunities utilized to ultimately assist their organisations.
ΣΚΟΠΟΣ ΣΕΜΙΝΑΡΙΟΥ
By the end of the programme, participants will be able to:
- Identify the VAT legislation requirements relevant to business taxation
- Identify the changes in the Cyprus VAT Legislation
- Explain the effects of value added tax on incorporated and unincorporated businesses
- List the principal standard rated, reduced rate, zero rated and exempt supplies
- Recognize the circumstances in which a person must register for VAT
- Explain how and when a person can deregister for VAT
- Explain how VAT is accounted for and administered
- List the information that must be given on a VAT invoice
- Explain the principles regarding the valuation of supplies
- Recognize the circumstances in which input VAT is non-deductible
- Acquire adequate VAT knowledge, which will help you in treating their daily transactions correctly and proceed with any necessary actions
- Explain the implications for the business of errors, omissions and late filing and payment
- Recognize the VAT return period
- Recognize the tax assessment period
- Explain the circumstances in which the default surcharge and default interest will be applied
- Compute the effects of value added tax on incorporated and unincorporated businesses
- Compute the registration thresholds
- Apply the VAT registration procedures
- Apply the principles regarding the valuation of supplies
- Compute the relief that is available for losses on trade debts
- Compute input tax, output tax and the net amount of VAT payable/refundable.
- Apply group and divisional registration requirements and procedures
- Properly apply the reverse charge mechanism
- Properly apply adjustments to correct errors and omissions as per the regulation
- Accurately complete VAT returns and submit them in a timely manner
- Compute the penalties for failure to meet VAT compliance obligations
- Compute penalties for not paying VAT on time to the VAT Authorities
- Properly file objections against VAT assessments
- Compute the default surcharge and default interest
- Manage stakeholders’ expectations
- Justify the need of calculating the VAT tax
- Assess the readiness of the organization to apply the requirements of the VAT legislation
- Motivate other employees to follow specific procedures and guidelines that ensure compliance with the VAT legislation
- Explain the importance of compliance with the VAT legislation
- Adopt a formal policy to be followed when addressing VAT matters
- Justify why a company should register to VAT
ΣΕ ΠΟΙΟΥΣ ΑΠΕΥΘΥΝΕΤΑΙ
The programme is suitable to anyone who wishes to understand the key areas performance management and will be of particular benefit to:
- Mangers
- Supervisors and Team Leaders
- Departmental Heads and Team Heads
- CEO and other senior professionals
- Business owners
ΠΕΡΙΣΣΟΤΕΡΕΣ ΠΛΗΡΟΦΟΡΙΕΣ
Training Outline
The scope of value added tax (VAT)
- The scope of VAT
- The principal standard rated, reduced rate, zero rated and exempt supplies
The VAT registration requirements
- The circumstances in which a person must register for VAT
- The advantages of voluntary VAT registration
- The circumstances in which pre-registration input VAT can be recovered
- How and when a person can deregister for VAT
- Apply group and divisional registration requirements and procedures
The computation of VAT liability
- How VAT is accounted for and administered
- The main books and records that must be kept
- The tax point when goods or services are supplied
- The information that must be given on a VAT invoice
- Apply the principles regarding the valuation of supplies
- The circumstances in which input VAT is non-deductible
- The relief that is available for losses on trade debts
- The input tax, output tax and the net amount of VAT payable/refundable
The reverse charge mechanism
- The treatment of Imports, exports and trading within the European Community
- The reverse charge mechanism
Compliance
- The VAT return period
- Complete and file VAT return and make relevant payment
- The VAT Information and Exchange System (VIES) (European sales listing)
- The national recapitulative statement
- The tax assessment period
Penalties
- The circumstances in which the default surcharge and default interest will be applied
- Penalties for failure to meet VAT compliance obligations
- Penalties for not paying VAT on time to the VAT Authorities
Training Style
- Illustration of key terms and concepts
- Preparation and discussion of practical examples, including mini cases
- The course will have both a theoretical and practical framework with real examples drawn from actual companies, local and international
- Activities and Break-out groups
CPD Recognition
This programme may be approved for up to 14 CPD units in Accounting & Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
Trainer's Information
Μάριος Μόρτης - Trainer and Accountancy Programs Leader -BSc (Acc), MSc (Fin&Bank), FCCA
Marios Mortis holds a bachelor’s degree in Business Administration in Accounting, a Master’s in Banking and Finance, and he is a qualified Fellow Member of the Association of Certified Chartered Accountants (ACCA). Marios has developed and conducted professional training courses on corporate reporting, Accounting and Finance, and Financial Workshops. He had, also, participated to research on the area of finance and accounting at both academic and professional levels.He has many years of working experience in the accounting, audit, advisory, assurance, and banking sectors in various positions and companies in Cyprus.
During the last 7 years, Marios continued his path in the education field which is a challenging and interesting field for him. He currently holds the position of Trainer & Accountancy Programs Leader for EIMF where among others he is teaching many courses of various accountancy qualifications and open seminars, such as cash and treasury management, credit management, governance, ethics, risk management, financial reporting, budgeting, and taxation.
Αναλυτικό Κόστος Σεμιναρίου
Για Δικαιούχους ΑνΑΔ
- € 530.00
- € 238.00
- € 100.70
- € 292.00
Για μη-Δικαιούχους ΑνΑΔ
- € 530.00
- € 0.00
- € 100.70
- € 530.00