Vat On Municipalities

What you'll learn
Introduction
Definitions and concepts
Agent vs. principal
Types of supplies
Input tax
Adjustments
Requirements
No prior experience needed
Little to no knowledge on VAT
Description
The purpose of this course is to provide guidance and clarity on the VAT treatment of supplies made by municipalities that are registered as VAT vendors. As municipalities are treated, as far as possible, as ordinary VAT vendors with effect from 1 July 2006, the general VAT rules as set out in the VAT 404 - Guide for Vendors are applicable.Content Discussed:Chapter 1 IntroductionScope of topics coveredChapter 2 Definitions and conceptsAccounting basisTime and value of supplyEnterpriseCarrying on an enterpriseNon-enterprise activitiesRegistrationMunicipalityMunicipal EntityMunicipal RateSupplyTaxable supplyExempt supplyOutput TaxInput TaxAdjustmentsGrantMunicipal Standard Chart of AccountsChapter 3 Agent vs. principalLegal principles of agencyTax invoices, credit notes and debit notesApplication of agency principlesPrincipalAgent 13Both principal and agentChapter 4 Types of suppliesTaxable suppliesStandard-rated suppliesZero-rated suppliesFlat rate charge for single supply of goods and/or servicesExempt suppliesOther non-taxable supplies and receiptsDeemed supplies arising from grantsIntroductionGrants to municipalitiesGrants made by municipalitiesOverview of the Municipal Standard Chart of AccountsChapter 5 Input taxDirect attribution vs. apportionmentDirect attributionApportionment methodologyAccounting basisDenial of input taxEntertainmentMotor carsChapter 6 AdjustmentsChange in use from wholly or partially taxable purpose to wholly non-taxable purposeChange in use from non-taxable purposes to taxable purposesChange in extent of taxable use of capital goods or servicesChapter 7 Miscellaneous mattersMetro PoliceAssignment of functions, agency services and unfunded mandatesPayments to suppliers on behalf of granteesMunicipal entitiesWater BoardsForeign donor funded projectsIntegrated Rapid Public Transport NetworkRulingsAll Included:Video presented courseDownloadable course materialCertificate of trainingSAIT Accredited - 9 verifiable CPD points------------------------------------------------------------------------------------------------------------------------------------About the Presenter:Ruzel van JaarsveldShe has over 23 years financial and bookkeeping experience, working with many industries and corporate environments, with extensive knowledge and practical application of trial balance, payroll, VAT, PAYE returns, Inventory control, Management Accounts, E-filing and Procedures of Importing and Exporting.She is a seasoned appointed facilitator with Biz Facility, and for numerous years has been presenting various national practical financial workshops to business owners and corporate financial staff.
Overview
Section 1: Introduction
Lecture 1 Introduction
Section 2: 1
Lecture 2 1.1
Lecture 3 1.2
Section 3: 2
Lecture 4 22
Section 4: 3
Lecture 5 3.1
Lecture 6 3.2
Financial staff,Business owners,Managers,Anyone who wants to learn
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