VAT principles: Basics
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VAT principles: Basics

How to manage VAT in your company, with practical workshops focus on FS and non FS sectors

courseType Technical Skills, Financial Sector

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Phone +352 49 48 48 4040
Mail pwcacademy@lu.pwc.com

PwC's Academy
2 rue Gerhard Mercator
L-2182 Luxembourg
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General course details

Introduction

Tax collection processes for VAT may seem  relatively simple. In practice, however, VAT raises many concrete questions which are a real concern for businesses. VAT is governed by EU rules which regularly undergoes significant changes. The various case law of the European Court of Justice regarding the interpretation of national VAT legislations also add to the complexity.
The introduction of new VAT measures since 1 January 2017 (increase of VAT penalties, introduction of the VAT liability of the directors and de jure or de facto managers of taxable persons) underlines the importance of being fully compliant at all times with the Luxembourg VAT legislation. In particular, it is important that all VAT taxable persons from the FS or non-FS sector, have sufficient comfort on the VAT treatment applicable to their output and input transactions.
In order to gain insight into the risks and opportunities associated with the implementation of VAT rules, PwC's Academy is pleased to offer this course which alternates theoretical content and workshops for the financial and non-financial sectors.

Objectives

At the end of the training course, participants will be able to:

  • use an effective methodology to determine the VAT treatment  of a basic transaction, while limiting the risk of error;
  • explain the rules governing the VAT deduction mechanism;
  • identify risks and opportunities regarding VAT in typical situations;
  • fill in a VAT return form and correctly charge and reclaim VAT;
  • have a good understanding of VAT declaration obligations, applicable accounting requirements and the corresponding procedures;

Content

Theory:

  • Basic VAT rules explained through the “5-question method”;

Who carries out the transaction?

Is it a taxable transaction?

Place of supply?

Any exemptions applicable?

Who is liable for VAT?

  • VAT registration obligations;
  • VAT recovery methodology;
  • Mandatory references for VAT invoices;
  • Electronic submission of VAT returns and recapitulative statements;
  • Basic rules and good practices regarding VAT and accounting.

Workshops:

 

Practical workshops for the financial and non-financial sectors, including the following topics:

  • How to fill in a VAT return form and recapitulative statements;
  • Also practical exercises for problematic areas.

Feedbacks from participants

 
"A very clear method, useful on day-to-day bases"
 
"Adapted to participants needs"
 

"Very interactive (Q&A)"

Our Lead Expert

 

This training is coordinated by Marie-Isabelle Richardin, Tax Partner in the PwC VAT department

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Marie-Isabelle Richardin has been with PwC’s VAT practice since 2000. Her role at PwC is to assist operators in the financial services industry with their indirect-taxation strategies to help them comply with indirect-tax obligations.
 
She also gained experience of the international tax world by working 2 years in New York. Marie-Isabelle is a regular speaker at conferences and training sessions on VAT for financial services. She is PwC Luxembourg’s representative in the VAT working groups such as the Luxembourg Investment Funds Association (ALFI), the European Fund and Asset Management Association (EFAMA) and she is chairwoman of the VAT group at LPEA.

Target audience

  • Finance and tax directors
  • Accountants
  • Internal auditors
  • Any employee responsible for the VATcompliance and the correct reporting of VAT liabilities

Useful information

 

Language: English.

This course is also available in French and German.

 
Number of participants : limited to 20 participants, to ensure a high interactivity during the training
 
Duration : 1 day


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