Value-Added Tax: What U.S. Businesses Need to Know

$199.00

SKU: 409986

Description

Understand how most VAT systems work and why U.S. companies should consider their VAT obligations before they start doing business outside the U.S.
The U.S. is one of the few countries in the world that has not yet implemented a valueadded tax (VAT) system. U.S. traders, therefore, are not aware of their VAT obligations when they sell, buy, or import goods outside the U.S. in the countries that have implemented a VAT system. U.S. traders often assume the VAT rules do not apply to them they shouldnt accept invoices with VAT because they consider this a cost or assume they dont have to charge VAT to their customers. Ignoring VAT rights and obligations often leads to significant penalties for noncompliance, loss of the right to reclaim the VAT (when claims are submitted after the deadline or the wrong procedure of claim is used), and lengthy discussions with suppliers and customers about the correct VAT treatment of a supply long after the supply was made.
This course will help those responsible for the tax obligations of their company or customer to understand how most VAT systems around the world work and why U.S. companies should consider their VAT obligations before they start doing business outside the U.S. The material also explains what steps can be taken to assess these VAT obligations and how to avoid VAT and penalties for noncompliance as they indeed become a cost for the business.

Date: 2022-08-17 Start Time: 1:00 PM ET End Time: 2:40 PM ET

Learning Objectives

* You will be able to define what valueadded tax is.

* You will be able to describe how your business should consider VAT consequences of its transactions outside the U.S.

* You will be able to discuss the procedure to comply with VAT obligations.

* You will be able to identify when VAT is payable or reclaimable.

What Is VAT?
• Value-Added Tax
• Where Does It Apply?
• What Is Taxed?

How Is VAT Applied?
• VAT Legislation
• VAT in the Supply Chain
• Taxable Persons
• End-Users

What Does This Mean for a U.S. Company?
• U.S. Company Performing Supplies
• U.S. Company Receiving Supplies
• VAT Risks and Opportunities

Compliance
• Charge VAT to Customers
• Pay VAT to Suppliers
• Submit VAT Returns
• Refund Claims

Questions and Answers

AIPB ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Raymond Feen-ALLVAT