Practical Training on VAT & SD Law 2012

Importance of Training:

VAT, Tax & Customs Act is a very important issues to Bangladesh Government as well as Bangladeshi Business man. Government is emphasizing on VAT Issues to implement the VAT Law -2012 from July 2019. On the other hand, the All of Business man are trying to realize the VAT Law -2012. But unfortunately, there is a gap between Govt. officials and Business officials due to lack of Knowledge of VAT Law 2012.

Now VAT Skill Professional’s demand are increasing day by day. So, Importance of VAT, Training is increasing. Businessman and Professional people are seeking the quality training institute to Learn VAT. So, we can help to train VAT for gaining vast knowledge on VAT by our one stop Training Service.

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Our Specialty:

• Interactive Class
• Demonstrate Live VAT Registration and Return Submission
• Re-Cap of last Class
• Every Class Assessment through homework
• Using Chart/Picture for easy understanding
• Full Exam at End of the Course
• Enriched Lecture Sheet
• Real Life Practical Training on VAT Law
• Professional Accountant as well as NRB Enlisted VAT Consultant

DETAILS COURSE PLAN:

DAY-1:

MODULE –V201: OVERVIEW OF VAT SYSTEM IN BANGLADESH

➢ What is Value Added Tax (VAT)?
➢ How does VAT work?
➢ Schedule of VAT Act & SD ACT- 2012;
➢ Most Important Definition of the VAT Law;
➢ How to Read Law & Rule?
➢ Why SRO, General Order, Special Order, Explanation issu’ed by NBR?
➢ How to get SRO/GO/SO?
➢ What is VAT Rate?

MODULE –V202: VAT REGISTRATION

➢ VAT registration,
➢ Registration threshold,
➢ Enlistment threshold,
➢ Type of registration,
➢ Registration/enlistment method,
➢ Mandatory registration,
➢ VAT registration irrespective of Turnover,
➢ Central registration,
➢ VAT Registration-A practical training through NBR online portal.

DAY-2:

MODULE –V203: IMPOSITION OF VAT, ZERO RATED VAT & VAT EXEMPTION

➢ Imposition of VAT at different stage,
➢ Output VAT Rate,
➢ Persons liable to pay VAT,
➢ VAT agent of non-residents person,
➢ VAT on imported services reverse charged to recipient,
➢ Zero rated goods/services supply VAT,
➢ Supply of goods for export -zero rated supply,
➢ Zero rated service supply,
➢ Supply of goods or services against international tender,
➢ Exemption as per 1st Schedule, Exemption as per section 126,
➢ Exemption in different stage as per SRO,
➢ Exemption in different industries and service sector

MODULE –V204:

➢ Manner of VAT collection,
➢ 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; AT adjustment,
➢ VAT on Trading Stage,
➢ Unused or unusable input disposal, Wastage or by-products supply disposal,
➢ Value determination of non-consideration supply,
➢ VAT determination in cancelled transaction

MODULE –V205: 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, Input Tax Credit not allowed under Certain Circumstances;
• Partial Input Tax Credit; Partial Input Tax Credit-Example;
• Documents required for Input Tax Credit;
• Input Tax Credit-Penalty for non-compliance;
• Turnover tax imposition and collection, SD imposition,
• Who to pay, Value for SD, Special Scheme for tobacco and alcoholic goods,
• Adjustment of supplementary duty in export, Turnover tax, Return processing,

MODULE-V206: 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

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DAY-3:

MODULE – V207: VAT DEDUCTION AT SOURCE (VDS)

Content:

➢ VAT deduction at source (VDS), Services under VAT deduction,
➢ Rate of VAT for deduction,
➢ Deducting authority,
➢ Procedure of deduction,
➢ Procurement provider under VDS; VDS in case of payment through local letter of credit against service;
➢ VDS Against import of service from outside the geographical area of Bangladesh; Deduction of VAT at source in case of miscellaneous fees, royalty, charge, etc.
➢ Deposit of withheld VAT by the VAT registered withholding entity;
➢ Depositing code; Content of treasury challan (T.R. form No.-6) for VDS;
➢ To do by the Accounts Officer for VDS, Timeline for issuing certificate to the supplier; Decreasing adjustment by the supplier;
➢ Interest for non-deduction of VAT at source;
➢ Personal penalty for non-deposit of withheld VAT;
➢ Penalty for non-issuance of VDS certificate by the withholding entity; Law clause

DAY-4:

MODULE –V208: 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 boo keeping -A Practical demonstration as per Rule 40 of VAT & SD Rule 2016
➢ Form 6.1, 6.2, 6.2.1, 6.3, 6.4, 6.5,6.6, 6.7, 6.8, 6.9, 6.10)

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DAY-5:

MODULE –V209: VAT RETURN FILLING

➢ Submission/filling of return;
➢ Supply, Purchase; Increasing adjustment; Decreasing adjustment;
➢ Previous Tax period negative balance,
➢ Current account Balance of VAT act 1991 adjustment,
➢ Model VAT return in excel format,
➢ A comprehensive VAT Return (9.1) submission through VAT online portal- A Practical real-life demonstration.

MODULE –V210: CARRY FORWARD, VAT REFUND & MISCELLANEOUS

➢ Carry forward and refund;
➢ Refund of negative net amount without carry forward;
➢ Application of the refunded money; Procedure of providing VAT clearance certificate and honor card,
➢ The uses of Tax clearance certificate and honor card;
➢ VAT Consultant; VAT Software/EDF

DAY-6:

MODULE – V211: VAT AUTHORITY, AUDIT & INVESTIGATION; RECOVERY, OFFENCE TRAIL & PUNISHMENT, APPEAL & REVISIONS

➢ 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 payer economic activities.
➢ Power of VAT officer, supervised supply, observation and surveillance, Appointment of auditor for performing special audit, 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, Offences for adjudication, Power of adjudication Imposition of penalties,
➢ Adjudication & appeal, Adjudication procedure, Trial by Special Judge, Appeal procedure, Arrear VAT realization (VAT Demand), Alternative Dispute Resolution (ADR).

Module-V212: VAT Compliance in Business

➢ Allover vat compliance discussion with example

Module –V213: Corporate Vat Health Checkup

➢ Overall Discussion on Corporate Vat health Check Up.

Module –V214: VAT Consultant & VAT Agent

➢ Overall Discussion on VAT Consultant & VAT Agent.