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Syllabus: CICTA 202

15.1 Course Objective

The core aim of the course is to help students grasp the application and the computation of taxation regarding Business Income, Employment Income and Investment. Students are expected to demonstrate knowledge in the application of the principles of taxation, particularly in areas of Direct and Indirect tax.

15.2 Course Description

It is structured to assist students understand the legal framework, essence and the principles of taxation and the computations. The whole concept of the international components of Direct and Indirect taxes are covered.


15.3.1 Principles of Tax Administration

Students would be able to comprehend at the end of the course:
* The canons of taxation and main features.

* The concept of tax administration on Proportional, Progressive, and Regressive; Direct and Indirect Tax Administration.

* Kinds of Taxes; Retirement Tax; Wealth Tax;

* Tax Haven; the OECD and Tax Havens
* Anti - Avoidance; Incentives; Tax Advantage
* Socio - economic Significance of Taxation
* Unearned Income and Tax Advantage

15.3.2 Sources of Income Subject to Tax
* Incomes subject to Tax and Explanations on some sources of Taxable Incomes

* Resident persons and Resident Companies and Resident Body of Persons. Resident Partnership and those with Permanent Establishment
* Assessable Income and Incomes Received in countries. Chargeable Income, Years of assessment, calendar and fiscal years.

15.3.3 Customs Tax and Accounting
* Powers of the Head of CEPS and Customs functions

* Taxes Administered by Customs

* Offenses & Penalties

* The Custom Tariff, The CIF Value, The Custom Value, The Mode of Payment to Customs Duty, Passengers Obligation and Baggage Concessions

* Temporary Importation, Rescheduling of Duties, Taxes on Imported Vehicles and other assets, Valuation of Used Vehicles and valuable properties, and Computation of Excise Duty.

15.3.4 Value Added Tax Service (VAT) and Accounting

* Introduction, general application of VAT and administration. Advantages of Introducing VAT, VAT Service and functions

* Difference between Exemption and Zero Rating

* Imposition of Tax, Persons liable to Pay Tax, Registration of Taxable Person

* Supply of Goods and Supply of Services Mixed Supplies, Taxable Supply, Exempt Supply and Import, Zero - rated Supply, Relief Supply, Relief from the Tax on Taxable Supplies, Time of

* Supply, Place of Supply, Value of Taxable Supply, Taxable Value for Determining the Tax on Imported Goods
* Adjustments, Credit for Deductible Input Tax

* Refund or Credit of Excess Tax Paid

* Time for Payment of Refund

* Deductible Tax for Mixed, Taxable and Exempt Supply

* VAT Records to be Kept by Taxpayers, VAT Returns, Records and Assessments, Assessment of the Tax and Correction of Return, Offence and Penalties (VAT Service), The VAT Fraction

* Exempt Trader and the Partially Exempt Trader

* Method of Calculation, Methods of Calculating Non-attributable Input Tax

* The VAT Flat Rate Scheme (VFRS), VAT De-registration Process, Treatment of Discounts under VAT, VAT and Imported Service, Communication Service Tax

15.3.5 Employment Income
* The administration of employment Income Tax

* Employment Income Assessment Format, exemptions.

15.3.6 Business Income

* Assessment of income from Trade and all associated computations, Comprehension of the tax law on businesses including the applicable corporate tax.

15.3.7 Capital Allowance

* Theoretical, Conceptual and computational framework of capital allowance treatment under business income and investment income.

15.3.8 Investment Income

* Assessment of investment income as related to Dividend income, Bonds, Treasury Bills, Annuities, Royalties, Rent, etc.

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