Advanced Consumption Tax Course

Course Objectives
Upon finishing this Consumption Tax course effectively, participants will be able to:
• Describe the principles of consumption tax
• Calculate the consumption tax
• Explain the importance of an invoice and what details you will find on an invoice
• Learn how to prepare and read credit notes
• Describe the main details of a statement and its purpose
• Carry out cross totting exercises
• Describe the purchasing process and documents involved
• Understand how to create and read a purchase invoice
• Carry out sample creditor reconciliations
• Evaluate case studies with different tax laws in various regions
Course Outline
INTRODUCTION
• What is Sales Tax?
• Principles of Sales tax
• Calculating Sales Tax
• Case Study – Sales tax
UNDERSTANDING CONSUMPTION TAXES
• Value-Added Tax (VAT)
• Goods and Services Tax (GST)
• Excise Tax
• Import Duties
• Retail Sales Tax
• Consumption Tax vs. Income Tax
• Direct Tax
• What is a Cascade Tax?
• Regressive Tax
• The pros and cons of consumption tax
SALES
• Sales invoices
• Preparing invoices with and without trade discount
• Sales invoices with settlement discount
• Sales Credit Notes
• Case Study- Prepare invoices and credits for Jakes Palace
• Case Study- understanding discount
• Statements and the AR department
• Case Study- Preparing statements
• Prime books overview
• Sales Day Books
• Case Study- Enter data to sales and returns day books
PURCHASES
• The Purchasing process and checking invoices
• Case Study – Check a purchase invoice
• Coding invoices
• Coding invoices samples
• Case Study – Coding invoices
• Transferring invoices and credits to the Purchase Daybooks
• Case Study – Enter data to the purchase and purchase returns daybook
• Creditor reconciliation
• Case Study – Creditor Reconciliation
HOW TO CALCULATE SALES TAX AND HOW TO COLLECT IT
• Consider whether you should list your prices inclusive of taxes on your website
• Apply taxes at checkout
• Calculate and collect in the Nigeria
• Calculate and collect in other countries
HOW TO RECORD AND DOCUMENT SALES TAX ACTIVITY
• Issue tax-compliant receipts
• Refunds and credit notes
• Keep safe (and digital) records
ACCOUNTING AND TAX COMPLIANCE
• Accrual Accounting
• Revenue Recognition
• Expense records

Methodology
The training methodology integrates lectures, interactive discussions, collaborative group exercises, and illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical experience, emphasizing the application of learned techniques. This approach ensures that attendees return to their professional environments equipped with both the competence and self-assurance to effectively implement the acquired skills in their responsibilities.
DATE:

DATE:
1ST BATCH: 4th – 7th Feb, 2025
2ND BATCH: 8th – 11th July, 2025