A consumption tax is a tax that is claimed by a federal authority on the purchase of any (most) goods or service. It can also refer to a taxing system in which individuals are taxed based on how much they consume instead of how much they put into the economy (i.e. income tax).

There are various consumption taxes and they are known by different names depending on the country in question. Each type requires something different from the business owner, but the bottom line is that the end customer pays the tax. Because they are the ones consuming the end product, the ‘consumption’ tax is mostly absorbed by the end-users.

This training course will empower you with knowledge on how to prepare sales invoices and credits with and without discounts and sales tax, recognize the elements of an invoice, and understand the impact of consumption taxes on sales transactions.

• 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
• Describe the principles of consumption tax
• Carry out sample creditor reconciliations
• Evaluate case studies with different tax laws in various regions
• Calculate the consumption tax
• Explain the importance of an invoice and what details you will find on an invoice
• Understand how to create and read a purchase invoice

This course is suitable for:

• Beginners in tax commercial and trade industries
• Government officials
• In-house tax directors/managers
• Tax regulation bodies
• Bookkeepers
• Accountants
• Tax advisers
• General tax practitioners
• Tax practitioners in advisory firms

• Introduction
• Understanding Consumption Taxes
• Sales
• Purchases
• How to Calculate Sales Tax and How to Collect It
• How to Record and Document Sales Tax Activity
• How to File Sales Tax Returns
• Accounting and Tax Compliance
• Consumption Tax in the Field of Arts