Certifying VAT Knowledge and Application of VAT Provisions

Time: 09:00 – 17:30 7 & 14 November 2019 EY Limassol Offices

Further to high demand for our VAT Course already held several times in Nicosia , Larnaca, Paphos, EY Cyprus will be presenting this active learning session on the practical application of the VAT provisions subsidised by HRDA and accredited by Cyprus Bar Association. This time the VAT Course will take place in Limassol on 7 & 14 November 2019.

The training program aims to equip corporate leadership and Finance teams with the necessary VAT knowledge and skills so that correct application is followed in day to day VAT functions and VAT saving opportunities utilised. Regardless, high calibre of finance, legal officers or tax professionals specialising in various fields of accountancy and taxation, the evolving nature of VAT legislation, frequent case law and Tax Department practice updates requires adequate training and knowledge upgrade in a common manner.

There is a need for leading Finance Teams to adapt their know-how on all relevant aspects of the VAT Law including neglected contractual VAT positioning. The increase in technical complexity, need for legal and contractual protection of the majority of industries as well as the dynamic nature of the VAT legislation make necessary targeted training where VAT application is interactively explained, tested and certified.

During the session, the major provisions of the VAT legislation will be analysed from a tax practical and legal angle to provide to the participants a level of comfort that the VAT principles are comprehensively applied. VAT practice will be demonstrated through real case examples and frequently seen scenarios including pitfalls and principles identified in Circulars, domestic and EU case-law. Participants will have the opportunity to test on the spot their knowledge and deliberate on a sample of transactions through the use of technology.

 

Target:
  
1 Recognise application of recent VAT updates.
2 Apply practically VAT legislative amendments and Cyprus Tax Department guidance though invoicing and VAT returns accounting.
3 Resolve queries on various fields of VAT and pursue correct application in invoicing and contractual arrangements.
4 Enhance their knowledge practicability in relation to the operation of the VAT system and its effect in their company operations.
5 Clarify the situations where VAT coaching is needed and obtain guidance on principles application.
6 Apply precisely VAT legislation while:
 Corresponding with the Cyprus Tax Department;
 Performing VAT Compliance tasks e.g. VATreturn preparation and information collation;
 Identifying VAT risks and opportunities for the Company.
7 Define the impact of VAT amendments and being able to design appropriate interventions concerning the Finance systems and processes followed.
8 Identify the dynamic nature of VAT legislation and be able to upgrade their knowledge real-time with relevant application in the Company’s VAT positioning.

Agenda

Day 1 (7 November 2019) Day 2 (14 November 2019)
09:00-09:30 Introductions – Icebreaker VAT Icebreaker Questions & Answers on Topics Taught on Day 1
09:30-11:00 PART Α – Scope of VAT – Operation Mechanics
• Operation and General Principles of VAT
• Taxable Persons
• Circular and VAT provisions on Taxable Persons
Exercise: Multiple-choice Questions testing through a voting device assigned to each participant on VAT Status of Taxable Persons.
PART B – (continued)
• Right to deduct
• Partial exemption
• Outline of Recent Case Law – Cyprus Tax Department Practice

Exercise: Group Case Study with participants identifying VAT issues and how they should be approached.

11:00-11:15 Coffee break Coffee break
11:15-13:15 Supply Aspects
• Taxable Supplies (supply of goods & services, intra-community acquisitions & dispatches, imports &exports)
• Place of Supply
• Time of Supply (Tax Points)
Exercise: Participants need to deliberate on mini-case studies to be distributed in class. PART C – Daily Application of VAT provisions:
• Obligations of taxable persons
• Registration – VAT Returns
• Invoicing – Credit Notes – VAT Aspects of Contracts

Exercise: Each participant is requested to complete a quarterly VAT return per handout instructions.
13:15-14:15 Lunch break Lunch break
14:15-16:15 PART B – Practical Application of VAT
• Determining Value of Supply
• VAT Differing Rates
• VAT Exemptions PART D – Recent & Upcoming VAT Updates:
• EU Directives and Regulations Amendments
• Recent Case Law Updates
Exercise: Participants to complete a short quiz.
16:15-16:30 Coffee break Coffee break
16:30-17:30 Exercise: Questions and Answers on Practical Scenarios covered in Part B. Participants to work individually for resolving provided scenarios. Facilitators will de-brief VAT practice expected by Cyprus Tax Department.

Summary of Key Points Touched during Day 1 PART E – Seminar Closing Remarks:
• Outline of Key Points raised in 2-day session
• Open Discussion – Exchange of Views – Resolve Questions
• Feedback and Recommendations by Participants on Seminar
• Completion of Feedback Evaluation Form

We would be delighted to see you at our Seminar and join us in Certifying your VAT knowledge.

 

REGISTRATION FORM

For our upcoming Seminars, please click here to find provisional schedule and register your attendance. The number of available places is limited and early registration is recommended.

For any queries with regards to the Seminar, contact:
Katerina Liassi
Tel: +357 22 209 946
Katerina.Liassi@cy.ey.com