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Syllabus: CICTA 302
19.1 Course Objective
The major objective of the course is to educate students on the Principles and Practices of taxation in the country for the enhancement of government policies. The understanding of the administration of the Revenue Agency as the apex body in charge of both the direct and indirect tax administration in the country is the central focus.
19.2 Course Description
The course covers the entire administration of the Revenue Agency on both direct and indirect tax systems. The structure and functions of the divisions under the Revenue Agencies and their procedures and practices for the collection of taxes on Business income, Employment income, Investment income and income from vocation are the topical areas.
19.3.1 Procedure and Practices of Direct and Indirect Tax Assessment
* The Direct Tax Division; the Tax Accounting Principles, Taxation of Partnership and Partners, Taxation of Companies and Shareholders, Taxation of Bodies of Persons and those from Business,
* Employment, Investment and Vocation.
* Insurance and Retirement Savings; Short-term Insurance, Life Insurance, Retirement Savings
* Anti-Avoidance Schemes
* Capital Gains Tax
* Chargeable Assets
* Administration of Indirect Taxes and Duties -general provisions
* Customs Duties
* Excise duties and sales tax
* Specific offences and penalties
* The significance of tax identification number in the administration of Direct and Indirect tax systems.
* Distinction and administration of taxable persons and non-taxable persons.
* The administration of Tax exemption on both direct and indirect income.
The administration and treatment of allowances on both direct and indirect tax.
19.3.2 Philosophy of Revenue Law and Company Law
* The legal framework Revenue Law and Company Law
* Tax Jurisdictions
* The legality of assessments of employment income, Business income, Investment Income and Vocational income.
* The philosophy and background of Capital Gains Tax
* Corporate law regarding tax assessment
* Debt and equity components regarding corporate tax administration
* Re-organization: Dissolution; Reconstruction; Amalgamation, Arrangements and Takeovers
19.3.3 VAT Administration
* Imposition of VAT Tax return, records and assessment
* Taxable person Recovery of tax debt, Interest and other
* Supply of goods and servicesliabilities
* Taxable supplies Administration of Value Added Tax
* Time and place of supply Objections and appeals
* Taxable value Offences and penalties
* Deduction on Input tax and refunds Miscellaneous provisions
19.3.4 Transfer Pricing and Capital Gains Tax, etc
* Application and the arm?s length principle
* Transactions between associated persons, choice of transfer pricing mechanisms and controlled relation
* Transfer pricing regulations and the methodology in respect of the comparable uncontrolled price method; the resale price method; the cost-plus method; the transactional profit split and the
* Transactional net margin method.
* The administration of the capital gain tax
* Rules in determining the cost base in computing capital gain tax.
* Rational underlying transactions exempted from capital gains tax
* Disposal and acquisition of assets in relation to: hire purchase, part disposal, connected persons, lost/destroyed, death, bargains involving two or more transactions
* Capital Gains in relation to stock and shares
* Tax planning schemes under capital gains tax
19.3.5 Treatment of tax expenditure for deferral of tax and reduction of tax
* Investment in qualifying capital assets
* Investment in intangible assets
* Deferral of the “profit” made on the sale of other intangibles
19.3.6 The Assessment of Residents and Non-Resident Persons
* The assessment of local and foreign income of resident and non-resident persons.
SYLLABUS CICTA 302 - COURSE: PRINCIPLES OF TAXATION II (DOMESTIC) - Certificate Level