Value added tax (C3048) - Blended learning

• Understand the general history and mechanisms of VAT.
• Learn the 5 major concepts of VAT: the taxable person, the taxable operation, the place of supply, exemption and the person responsible for VAT.
• Distinguish between the supply of goods and the supply of services.
• Understand the principal VAT exemptions and VAT rates in Luxembourg.
• Understand concepts linked to the person responsible for VAT, including the chargeable event and taxable basis.
• Understand the processes for VAT recovery.
• Learn how VAT applies domestically or across borders, including on particular transactions: sale of goods, Real Estate and Financial Services.
• Description of the administrative procedures and compliance obligations related to VAT.

• Introduction:

Aims of the course, history and definition of VAT, overview of the relevant legislation.

• Taxable persons:

Notion of taxable person, general definition and special cases.

• Taxable operations:

Notion of taxable operation, major concepts and special cases.

• Place of supply: goods

Determination of the place of supply, transport and installation, special cases.

• Place of supply: services

General rule and exceptions.

• Exemptions and VAT rates:

Overview of the main VAT exemptions and VAT rates in Luxembourg.

• Person liable for VAT:

Determine the person responsible for VAT, notions of chargeable event and chargeability of the VAT, determination of the taxable basis.

• VAT recovery:

Input VAT deduction right, prorata, regularization and foreign refund.

• Transactions involving goods:

Supplies of goods, simplifications, triangular transactions, consignment stock and carousel fraud.

• VAT & Real Estate:

Exemption, option for VAT, VAT liability and VAT recovery.

• Administrative procedures and compliance:

Administrative VAT obligations and overview of some practicalities.

• Financial services:

Management of investment funds and financial services.

• Summary Session:

Q&A session.