Chartered Institute of Certified Tax Accountants
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Syllabus: CICTA 401

23.1 Course Description

This course is designed to assist students understand the practice of taxation. Taxation as a statutory compulsory levy is explored including the contribution to national income. The whole concept of Direct and Indirect taxes are practically covered.

23.2 Course Objective

The core aim of the course is to help students practice taxation and to understand the difference between accounting profit and tax profit. Students are expected to understand and demonstrate knowledge in the application of the principles of taxation, particularly in the area employment income, business income, investment income and international taxation.


23.3.1 Sector Accounts Case Studies: Regulatory and Practical Application.

* Production sector
* Health sector
* Brewery sector
* Surveying, shipping sector
* Commodities sector
* Mining sector
* Trading sector (Merchandise)
* Banking sector
* International banking sector
* Timber sector
* Rural sector banking accounts
* Pharmaceutical
* Investment banking sector accounts
* Farming
* Oil & Gas and other minerals sector
* Churches and NGOs etc.
* Education sector

23.3.2 Inflation as a Tax

* Inflation is a tax in itself as it reduces the purchasing power of money. Transfer pricing is covered in this delivery. Its application covering the transactions between associate persons at arm's length, services between persons in a controlled relation and transactions involving intangible property are addressed in this section.

23.3.3 International Transfer Pricing Scheme and Methods.

* The comparable uncontrolled price method;

* The resale price method;

* The cost-plus method;

* The transactional profit split method; and

* The transactional net margin method

* Transactions involving intangible properties - Transfer Pricing Scheme

* The regulation of OECD countries and the issues regarding double taxation and trade treaties.

23.3.4 Oil and Gas and Other Minerals Sector

In this module, the policies of the oil and gas sector are explored. Among other topical issues includes The Petroleum Act, the regulatory framework of the oil and gas sector and the fiscal regime of the minerals sector in totality.

23.3.5 Business Combinations and Capital Tax Gains

* The assessment of profit on capital assets.

* The issue of tax evasion, tax avoidance and tax fraud.