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

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 value-added 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 shouldn't accept invoices with VAT because they consider this a cost; or assume they don't have to charge VAT to their customers. Ignoring VAT rights and obligations often leads to significant penalties for non-compliance, 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 non-compliance as they indeed become a cost for the business.

99 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on August 17, 2022.

Call 1-866-352-9540 for further credit information.

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Raymond Feen

Raymond Feen

ALLVAT

  • Owner of ALLVAT a Dutch international VAT consulting firm
  • Board member of the International VAT Association (IVA)
  • Partner of the VAT Forum
  • Founder, International VAT Expert Academy (IVEA)
  • All-round VAT consultant for companies with a focus on international trade
  • Speaker at many international VAT conferences in Europe, GCC, and India
  • Master’s degree in indirect taxes, University of Leiden
  • Can be contacted at www.allvat.com, [email protected], or on LinkedIn https://www.linkedin.com/in/raymond-feen-51a9572/
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 409986
Published 2022
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