Understand Value Added Tax
Value added tax as a secondary tax is something we are all exposed to at some stage in the value chain of supply. In this course, you will obtain a comprehensive understanding of VAT and how this secondary tax is calculated in terms of the South African Value Added Tax Act.
8 Hours of recorded videos and downloadable course material.
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What can you expect from this course
In this course, you will obtain a comprehensive understanding of VAT and how this secondary tax is calculated in terms of the South African Value Added Tax Act.
After completing this course you will:
- Have a comprehensive understanding of VAT terminology and the meaning of “enterprise” in relation to VAT;
- Understand when it is necessary to register as a VAT vendor albeit voluntary or compulsory;
- Understand how to apply the VAT fraction;
- Have a better understanding of electronic services with reference to VAT;
- Understand how the collection of VAT works, apply the Open Market Value principle to VAT and be able to calculate any possible VAT penalties;
- Understand all the timing of supply rules as outlined in the various sections of the VAT act;
- Be able to identify zero-rated supplies and how to treat these zero-rated supplies in the calculation of VAT;
- Be able to identity exempt supplies and how to treat these exempt supplies in the calculation of VAT;
- Understand how to treat VAT on imports;
- Be able to identify deemed supplies as defined by the VAT act;
- Have a better understanding of Input VAT.
- Specifically looking at the basic input VAT principles, notional input VAT and when input VAT is specifically denied; and
- Understand how to calculate and treat VAT adjustments as a result of bad debt, Outstanding creditors for more than 12 months, change of use in assets and the value of supplies to connected persons as defined.
Excellent! This VAT module is really easy to understand, even for the not-so-tax-savvy like me! I just wanted to understand some basics and as someone with no financial background, I now feel like a tax expert. Thank you Upskill. Brilliant!!
I highly recommend this e-learning module. The content is absolutely world class. I found the VAT lectures from Di Seccombe very useful. I am still busy with my CTA and know that this will be invaluable in my upcoming exams
100% recommend Di Seccombe's tax lecturers. She is absolutely brilliant and her way of explaining things is a game changer. Personally, I enjoyed this VAT module because Diane takes a complex VAT section and makes it so easy to understand!
MEET THE FACILITATOR
Admitted Attorney, BCom, LLB, LLM (Taxation)
Diane Seccombe is an admitted attorney with a masters degree in taxation. She has over 15 years of experience with taxation. Diane is currently the National Head of Tax Training at Mazars Academy Proprietary Limited and in this capacity provides tax training to professional institutes, banks, financial service providers and financial planners. She is also well known amongst students for her tax lectures at post graduate level. Diane consults on income tax matters including, corporate, individual and international tax and is an expert in Value Added Tax.