VAT implications on the following relating to the client companies would be discussed:
1) Types of VAT rates
2) Input tax and output tax concept
3) Revenue
4) Time of incurrance of VAT
5) Contracts with customers and suppliers
6) Tax invoices format
7) Samples/ gifts/ complimentary
8) Deemed supply
9) Adjustments to invoices
10) Import Purchases from suppliers
11) Local purchases (Material and expense suppliers)
12) Capital asset purchases
13) Impact on cash flows and profitability
14) Impact on IT systems
15) Related party transactions
16) Additional accounting heads / chart of accounts to be maintained
17) Reporting requirements to federal tax authority
18) Time line of reporting and payment of VAT
19) Period for maintenance of records
20) Documents required for VAT registration.
21) Any other areas
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