The implementation of VAT is imminent, making it vital that individuals and companies gain extensive understanding beforehand to ensure the continued smooth running of businesses.
With this in mind, MENA Centre for Investment has collaborated with Vineyard Asia Technological College (VATC), Philippines to present a dedicated VAT training course with the aim of producing VAT auditors and compilers.
“It’s an ongoing competency-based curriculum, with competence-based learning modules,” said VATC founder, chairman of the board and president Dr Godofredo Peteza, Junior.
“The VAT training is ongoing and involves a total of 212 hours of sessions.
“Upon graduation and completing the duration of the training, individuals are extremely well trained and able to conduct audits on company transactions.”
The college is one of the leading schools in the Philippines offering Technical Education and Skills Development Authority (TESDA) courses and is registered with the Securities and Exchange Commission in the Philippines.
The institution is engaged in training, educating and equipping individuals with technical know-how in numerous sectors including financial, health, hospitality, public administration and much more.
Students are already beginning to graduate from the programme with more batches planned in the coming months.
“We have six students currently graduating and are expecting another batch of 24 to 30 students,” said Dr Peteza.
Since the introduction of VAT is so new to Bahrain and the GCC, the course is recommended for all those in management, entrepreneurs and business owners especially of SMEs.
For fresh finance graduates and those in junior accounting roles, a VAT certificate as a VAT compiler or auditor will greatly enhance career development and employability.
Under the VAT system, a person (individual or corporate) who supplies or expects to supply taxable items is required to register for VAT upon attaining a set annual turnover threshold.
Upon registration, there is a requirement to issue tax invoices, charge the appropriate rate of VAT on supplies made, file VAT returns and pay the correct amount of VAT due.
Ordinarily, VAT registered people are allowed to recover the VAT incurred on their purchases by offsetting this against the VAT charged on their sales.
In this regard, VAT is ultimately borne by the final consumer while businesses act as collecting agents for the tax authority.
It’s important to obtain specific VAT training because the tax authorities need to establish a seamless administration system.
The system includes registration and filing processes, communication and education to ensure that there is a clear guidance for businesses to comply with the VAT requirements.
For registration and more information e-mail vatmena@gmail.com. Alternatively, call 17589957 or 39445313.
&uuid=(email))