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Course Code: FNBN 143
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Zakat and VAT Management and Compliance
Course Sector:
Finance, Accounting and Banking
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Introduction
Training course introducion / brief
Currently, KSA executes one of the most ambitious and remarkable tax reforms in the world and has successfully implemented taxes on the Federal level in the form of Value Added Tax (‘VAT’), Excise Tax, and Zakat.
This program is designed to provide “Riyadh Cement” participants with a strategic overview of the ZAKAT and VAT including calculation, accounting, and other underlying principles. The course aims to equip participants with the practical aspects of tax laws in the Kingdom to fully understand Zakat and taxation mechanisms.
Course Objectives
At the end of the training course, participants will be able to
- Gain a comprehensive understanding of the basic concepts of Zakat and VAT.
- Understand how to fill in Zakat and Tax Declaration and timing.
- Be able to read the financial statements to determine the Zakat and Tax Base.
- Learn how to calculate the Zakat, Tax adjusted net profit/loss, and Tax Base
- Acquire analytical skills through the application of theoretical concepts acquired on a variety of practical situations.
- Enhance critical thinking through the development of abilities to choose the bases and appropriate for various zakat and VAT transactions accounting rules skills.
- Understand the practical approach to VAT treatment and reporting.
- Have an in-depth understanding of the tax legislations and applied tax practices in Saudi Arabia.
Course Audience
Who is this course for, and can benefit the most
- Executives who have strategic financial oversight of their unit or organization
- Finance-related roles
- Accounting-related roles
- Marketing Managers
- Financial managers
- Affiliate marketing leaders
- Career Enhancers
- Digital Innovators
- Business owner / Entrepreneur
- General / Senior Accountant
- Business Project Manager
- Bank Branch Manager
- Structured Finance Senior Relationship Manager
- Finance Transformation Manager
- Risk Manager
- Investment Analyst
Course Outline
The course aims and learning outcomes
Zakat and Income Tax Law
- The concept, characteristics and goals of Zakat
- Differences between Zakat and tax
- Adjusted net profit/loss
- Types of Zakat and Tax Declaration and timing
- Zakat regulation
- Income Tax Law
- Tax Filing and compliance procedures
- Fixed assets and depreciation
- Withholding Tax
- Tax Treaties
Practical approach to the KSA Direct taxation
- Tax base and tax rates
- Determine the Zakat and Tax Base
- How to calculate the Zakat base
- Corporate Income tax and withholding taxes
- Territorial and Material scope of tax
Introduction to VAT & Compliance
- Meaning of VAT and its impact on the economy.
- How does VAT work
- Scope of VAT
- VAT liability
- The new legislation
- VAT treatment and reporting
- VAT rates and the transitional VAT rules
- Understand the VAT registration process and prepare required documents for VAT registration
- Deadlines for compliance
- Risks of non-compliance
Methods of Accounting for Zakat and Taxes
- Accounting for Zakat.
- Accounting for Zakat exploited
- How to do accounting for Zakat Trade Offers (individual enterprises – companies)
- Work procedures relating to the interests of the Zakat and Income (filing the return – examination – link – objection – Appeal)
- The concept of properties and tax goals
- The difference between the tax and zakat (similarities and differences – a combination of both)
The difference between tax evasion and double taxation
- The structure and properties of the tax system in Saudi Arabia
- Fines under the new tax system
- Tax accounting rules on the activity of the liberal professions and crafts
- Tax accounting rules for individual installations
- Case Study in Zakat, VAT and Tax Declaration
- Case Study in Tax evasion in Saudi Arabia
Providers and Associations
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Boost certificate of completion
BOOST's Professional Attendance Certificate “BPAC” is always given to the delegates after completing the training course, and depends on their attendance of the program at a rate of no less than 80%, besides their active participation and engagement during the program sessions.
ENDORSED EDUCATION PROVIDER
Flexible deadlines
Customized dates accordance to your schedule
Shareable Certificate
Earn certificate upon completion
COURSE METHODOLOGY
Our Training programs are implemented by combining the participants' academic knowledge and practical practice (30% theoretical / 70% practical activities).
At The end of the training program, Participants are involved in practical workshop to show their skills in applying what they were trained for. A detailed report is submitted to each participant and the training department in the organization on the results of the participant's performance and the return on training. Our programs focus on exercises, case studies, and individual and group presentations.
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