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VAT for Petroleum Activities


General Objectives:
VAT is a general consumption tax levied on the transfer of goods, the provision of services, intra-Community acquisitions and imports. It is a multi-phase tax as it is paid at all stages of the economic circuit, from the producer to the retailer, and it is a tax with specific rules for some activities, such as oil.
 
Specific objectives:
At the end of the course, trainees will be able to:
  • Know and interpret the legal provisions contained in the VAT Law;
  • Know and interpret the legal provisions of the Legal Framework for Invoices and Equivalent Documents;
  • Apply the rules for assessing and deducting VAT in the oil industry;
  • Knowing the special regimes provided for in petroleum VAT;
  • Identifying exemptions in the oil industry
  • Calculating VAT for a period.


CONTENTS

Module I - Incidence
  • Objective incidence;
  • Subjective incidence;
  • Concepts;
  • Transmissions of goods;
  • Provision of services;
  • Imports of goods and services;
Module II - Taxable Value
  • Taxable value in domestic transactions;
  • Taxable value on imports.
Module III - General Regime of the VAT Deduction Regime in Petroleum Activity
  • Exercising the right to deduct VAT
  • Difference between the concept of deduction in income tax and VAT
  • Jurisdiction to make assessments and tax secured;
  • General rule for exercising the right to deduct VAT during research and production periods
  • Deduction of input VAT on research, evaluation and development costs
  • Deduction of input VAT on production costs
  • Deduction of input VAT on abandonment costs
  • Advantages and reasons for the captive VAT mechanism
  • Practical exercises
Module IV - Mechanism for Recovering VAT Excluded from the Right to Deduction
  • VAT recovery when calculating the tax base
  • The system for recovering VAT incurred in oil transactions and the guarantee of tax neutrality
  • Non-deductible VAT - An analysis of its recovery when calculating the PIT tax base in PSCs (Production Sharing Contracts)
  • Practical consequences of VAT recovery when calculating the PIT tax base
  • Practical exercises
Module V - General Information
  • Penalties
  • Reporting obligations
  • Exemptions in the oil industry 


Next date: consult us
Schedule:
Duration: 18h
Investment: Consulte - nos!
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