Course Name
TRANSFER and BUSINESS TAXATION/INCOME TAXATION/INCOME TAXATION
Course Credits
Lec: 3 units units Lab: This course introduces the general principles of taxation and statutory provisions on income taxation including pertinent revenue regulations. The main topics that will be covered include: the general general principles of taxation, sources of revenue and its subto pi cs , determining income from employment, income from business, and income from property, deductions from business and property income, capital gains and losses, other income and deductions, computation of taxable income and tax administration.
Course Description
Contact Hours per Week Pre-Requisites
3 lectures hours per week None At the end of the course, the the students are expected to: Explain the sources, nature and purpose of taxation. Apply the basic principles and policies of Philippine Income Tax Law. Law. Describe the general structure of the Philippine Income Taxation system. Explain and contrast the manner in which different entities are taxed.
Course Objectives
WEEK/TIME ALLOTMENT
Week 1
INTENDED LEARNING OUTCOMES (ILO) - Explain and Discuss the Introduction, overview, history and origin of taxes -Understand the introduction of revenue taxes.
OUTCOMEBASED ASSESSMENT (OBA) Written exercises
CONTENT
Introduction and overview History/origin of Taxes Introduction to Internal Revenue Taxes Sources of Revenue from Internal Revenue Tax Situs of Taxation
TEACHING AND LEARNING ACTIVITIES (TLAs) Lecture & Discussion Graphic organizers
RESOURCE MATERIALS
Exercises questionnaire, ballpens, situs tax table
Week 2
Week 3
Week 4
- Identify the sources of revenue & revenue tax -Distinguish situs of taxation -Analyze the transfer taxes and classify the basic succession -Determine the nature of transfer taxes and the basis of estate tax -calculate and solve the value/amount of estate tax -Explain what is gross estate -Identify the composition and calculate the value of gross estate -Identify and determine all deductions from gross estate. -Classify the nature and category of gross estate
Exercises/Essay Case study
Transfer Taxes and Basic Succession Nature of Transfer Taxes Basis of Estate Tax Basis of Succession
Lecture & Discussion Problem solving
Exercises questionnaire, ballpens, calculators, testate & intestate table
Exercises/Case study
Gross Estate Composition & Valuation of Gross Estate
Lecture/Discussion Graphic organizers Problem solving
Exercises questionnaire, ballpens, calculators
Written exercises Case study
Deductions from Gross Estate Nature & Category
Lecture/Discussion
Exercises questionnaire, ballpens,
Case study
Estate Tax
Lecture/Discussion
Exercises
Prelim Exam Week 5
-Define estate tax
Week 6
-Identify all factors affecting estate tax -Calculate and solve the value of estate tax -Explain what donor’s tax is.
Week 7 and 8
Midterm Exam Week 9
Week 10 and 11
-Identify and classify the nature, kinds, characteristics and essentials of donor’s tax -Explain what business taxes are. -Discover the Vat Reform Law and give an opinion on this law.
-Classify the business transfer and exchange transaction and explain its nature. -Explain what value added tax is. -Calculate and find the amount of VAT -Analyze and discuss special vat problems and
Practical test
Problem solving
questionnaire, ballpens, calculators
Essay Case study Written test
Donor's Tax Nature, Kinds, Characteristics and Essentials
Lecture/Discussion
Exercises questionnaire, ballpens, calculators
Case study Written test
Business Taxes The VAT Reform Law
Lecture/Discussion Problem solving
Exercises questionnaire, ballpens,
Written test
Business Transfer and Exchange Transactions
Lecture/Discussion
Exercises questionnaire, ballpens,
Case Study Essay
Value-Added Tax Special VAT Problems and Cases
Lecture/Discussion Problem solving
Exercises questionnaire, ballpens, calculators
Week 12, 13, 14 and 15
compare/relate it to the given cases. -Explain, Define and Solve percentage, excise, local and documentary stamp tax.
Case study Practical test
Percentage Taxes Excise Taxes Local Taxes Documentary Stamp Tax
Lecture/Discussion
Exercises questionnaire, ballpens, calculators
Final Exams
I.
TEXTBOOKS/REFERENCES: REFERENCES
Transfer and Business Taxation Edwin Valencia/Gregorio Roxas Income Taxation Books Ma. Perpetua Arcilla-Serapio RESA reviewer handouts and practice sets https://en.wikipedia.org/wiki/Tax http://www.investopedia.com/terms/t/taxation.asp
II.
COURSE POLICIES: 1. Students must come to class on time, prepared and participate actively in the discussions; all requirements must be submitted on time. Late submission will receive deductions. 2. No text messaging or entertaining of phone calls during class hours unless call is emergency. Using of headphones during class hour is also prohibited. Please be courteous, turn off your cell phone while inside the classroom. 3. Students with 3 consecutive absences will automatically be dropped from the class roll. 4. Students who wished to drop the course must do so officially and not just stop coming to class.
5. Academic dishonesty: Any form of cheating or plagiarism in this course will result in zero on the exam, assignment or project. Allowing others access to your work potentially involves you in cheating. Working with others to produce very similar reports is plagiarism regardless of intent. 6. Problems encountered with the subject must be discussed to the instructor. Such consultation may be made in person during designated time and at designated place. III.
Grading System: Examination Attendance Quizzes/Exercises Activities/Recitation
IV.
Consultation Period: DAY Saturday
40% 20% 20% 20%
TIME 1:00 – 2:00 PM
PLACE Faculty Room
