Value Added Tax in Lebanon (VAT)
In this workshop, you will learn everything you need to know about VAT in Lebanon from A to Z
Course Outline
Value added tax
- Definition of Value added tax
- Taxable supplies & Taxable persons
Registration in VAT
- Mandatory and optional registration
- Registration when having taxable and non taxable services/products
- Registration deadline
The deductible tax
- Services and products totally subject to VAT
- Services and products partially subject to VAT
- Services and products not subject to VAT
Accounting treatment of VAT
- Sales and Revenues/taxable and non taxable items
- Purchases and expenses/taxable and non taxable items
- Acquirement and disposal of fixed assets
- Periodical closing for VAT accounts
- Invoice which is accepted by the M.O.F
Penalties
- Issuing virtual invoices
- Not issuing invoices
- Issuing invoices with wrong information
VAT declarations
- Preparing VAT declaration from a given trial balance
- Submission deadline
- Penalties on delay of submission
Other related issues
- VAT reclaiming
- imported and exported goods
- VAT accounts in the chart of accounts