Gain a thorough understanding of the basic concepts and principles of VAT and how the tax operates both internationally and domestically. Approaches of EU and non-EU states will be compared and legal aspects considered.
Learning objectives
After completing this course you will be able to:
- Identify the advantages and disadvantages of a VAT type of tax and how it fits into the tax mix of states around the world.
- Recognize how VAT operates, particularly in respect of output tax and input tax, in such a way that it remains neutral in its application by businesses.
- Identify how VAT applies to supplies of both goods and services, including when provided electronically and to international transactions.
- Apply the concept of taxable person, EU VAT group and fixed establishment, according to the recent ECJ decisions.
- Interpret how VAT works within the European Union’s free market, including the measures introduced to address the impact of COVID-19 and the new VAT e-commerce rules.
- Define how the system allows for neutrality by ensuring that imports and exports are neither advantaged nor disadvantaged over domestic supplies.
- Identify the impact of exemption in VAT and how tax is calculated by businesses that deal in exempt supplies.
- Categorize some of the more important administrative issues that VAT requires.
Source IBFD
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