Value Added Tax - Basics Refresher Course

This course is ideal both to newcomers in the VAT sphere (to get a very good theoretical and practical understanding of the main VAT concepts in just 3 sessions) and also to more experienced staff who are already in the VAT sphere (but feel they need to brush up their technical knowledge in an intensive manner or fill in certain gaps and clarify certain issues that there might be relating to certain transactions).

It is intended to provide professionals, students and accounting staff with an extensive understanding of the most fundamental VAT concepts which are most commonly encountered in day to day work in order to arrive at the appropriate VAT treatment. The application of the correct VAT treatment is of paramount importance and failure to do so may result in various negative business, reputational and financial implications.

Communication will be encouraged throughout the whole course and practical examples will be discussed in a user friendly manner.

Session 1 – VAT Basics

This session will cover the basic concepts based upon which the appropriate VAT treatment can be determined including:

• Groups of supplies
• How to arrive at the appropriate VAT treatment
• Taxable Person
• Supplies of Goods and Services
• Place of Supply
• Exemptions and VAT Rates
• Person Liable for the Payment of VAT (including the Reverse Charge Mechanism)

Session 2 – VAT Compliance and Commitments

This session will cover the VAT responsibilities which need to be fulfilled including:

• VAT Registrations (Articles 10, 11, 12 and VAT Grouping)
• VAT Documentation (invoices, fiscal receipts, records)
• Right of Refund (who is to claim what including partial attribution)
• Taxable Value (How to arrive at the 100%)
• Tax Point (when to declare a transaction in the VAT Return)
• Penalties and Interest

Session 3 – Compilation of VAT Return and other Forms

This session will cover the compilation of the main VAT forms going into detail of which transactions are to be declared in which box/field and when including:

• VAT Return
• Form 04
• Form 05
• Recapitulative Statement
• VAT Return Adjustment/Correction Form
• Intrastat Forms

The Speaker

Saviour Bezzina is the manager responsible for indirect tax matters at the EY Malta office and forms part of EY’s Global Indirect Tax Network as a local knowledge contact. He joined EY in July 2006 after obtaining the Bachelor of Accountancy (Hons.) from the University of Malta. He is a member of the Malta Institute of Accountants, holds a Diploma in VAT compliance and lectures regularly on VAT and indirect tax matters. Saviour was awarded the 2007 MIA prize as the best student who graduated in the Bachelor of Accountancy (Hons) Degree Course Group 2004/2006.