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:

• Make a consumption tax calculation.

• Describe the purpose of an invoice and the information that it contains.

• Learn to write and interpret credit notes.

• Describe a statement's major points and intended audience.

• Practice cross-teaching exercises and case studies.

• Describe the procedure and paperwork involved in the purchase.

• Be familiar with how to write and understand a purchase invoice

• Reconcile your creditors using an example.

Targeted Audience:

• Tax payers, advisors, consultants, and enforcement agencies.

• Fiscal auditors.

• Legal advice and attorneys.

• General tax professionals.

• Tax experts working for advising firms.

• Novices in the trade and commercial industries.

• Government employees.

• Internal tax managers or directors.

• Monetary analysts.

Program Outline:

Unit1:

Introduction:

• Sales tax definition.

• Fundamentals of sales tax.

• How to Calculate Sales Tax.

• Sales tax case study.

Unit2:

Understanding consumption taxes:

• Valuation Added Tax (VAT).

• Excise Tax and Goods and Services Tax (GST).

• Import taxes.

• Tax on Retail Sales.

• Income Tax vs. Consumption Tax.

Unit3:

Sales:

• Sales invoices.

• Preparing invoices with and without trade discount.

• Sales invoices with settlement discount.

• Sales Credit Notes.

• Case Study- Prepare invoices and credits for Jakes Palace.

Unit4:

Purchases:

• The Purchasing process and checking invoices.

• Case Study – Check a purchase invoice.

• Coding invoices.

• Coding invoices samples.

• Case Study – Coding invoices.

Unit5:

How to calculate sales tax and how to collect it:

• Think about if you should include taxes in your prices on your website.

• Apply taxes at checkout.

• Calculate and collect in the US.

• Calculate and collect in the EU.

• Calculate and collect in other countries.