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Tax and Revenue Management
Consumption Tax
Overview:
Introduction:
The Consumption Tax training program provides a focused understanding of consumption-based taxation systems, including VAT and GST. Participants learn practical strategies for compliance and optimization within these tax frameworks.
Program Objectives:
At the end of this program, the participants will learn about:
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Make a consumption tax calculation.
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Describe the purpose of an invoice and the information that it contains.
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Learn to write and interpret credit notes.
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Describe a statement's major points and intended audience.
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Practice cross-teaching exercises and case studies.
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Describe the procedure and paperwork involved in the purchase.
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Be familiar with how to write and understand a purchase invoice
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Reconcile your creditors using an example.
Targeted Audience:
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Tax payers, advisors, consultants, and enforcement agencies.
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Fiscal auditors.
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Legal advice and attorneys.
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General tax professionals.
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Tax experts working for advising firms.
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Novices in the trade and commercial industries.
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Government employees.
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Internal tax managers or directors.
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Monetary analysts.
Program Outline:
Unit1:
Introduction:
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Sales tax definition.
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Fundamentals of sales tax.
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How to Calculate Sales Tax.
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Sales tax case study.
Unit2:
Understanding consumption taxes:
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Valuation Added Tax (VAT).
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Excise Tax and Goods and Services Tax (GST).
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Import taxes.
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Tax on Retail Sales.
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Income Tax vs. Consumption Tax.
Unit3:
Sales:
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Sales invoices.
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Preparing invoices with and without trade discount.
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Sales invoices with settlement discount.
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Sales Credit Notes.
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Case Study- Prepare invoices and credits for Jakes Palace.
Unit4:
Purchases:
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The Purchasing process and checking invoices.
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Case Study – Check a purchase invoice.
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Coding invoices.
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Coding invoices samples.
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Case Study – Coding invoices.
Unit5:
How to calculate sales tax and how to collect it:
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Think about if you should include taxes in your prices on your website.
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Apply taxes at checkout.
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Calculate and collect in the US.
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Calculate and collect in the EU.
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Calculate and collect in other countries.