AJMAN: The Ajman Chamber of Commerce and Industry (ACCI), in cooperation with the Arab Institute for Accountants and Legal organised a 3-day-programme titled “VAT & Its Applications - the Tax Declaration & Its Returns to Establishments and Business”.

The event was attended by 65 participants from various government and private bodies, while Dr. Amer Noaman Ashour briefed about details to the audience.

The programme defined the value added tax, the executive regulation, the tax declaration and how to calculate the tax base and the effect of tax declaration on financial accounts, accounting transactions and final accounts. It also discussed how to restructure the operational expenses and ways to reduce costs in institutions and companies under the tax return. The programme further discuused the impact of VAT on countries, the budget, trade balance, per capita income, the private sector, GDP, banks, public debt, exchange rates and remittances.

Dr. Amer defined the tax as a means by which governments receive revenues to cover public services and usually allocate them to cover the costs of public services. He explained to the attendees the direct tax and the indirect tax which represents the VAT. The VAT is a tax imposed on goods and services in all stages of supply. It is one of the most common taxes in the world, applied in more than 160 countries.

It further included explaining calculation of the tax base and the difference between the VAT and sales tax. The participants were acquainted with the fines, tax violations, VAT treatment methods and VAT rules.

During the programme, the lecturer explained the rules of issuing VAT invoices and defined the difference between tax evasion in terms of non-payment of due taxes and its consequences, or manipulating in profits to reduce the value to be paid for taxes.