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`KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY SCHOOL OF BUSINESS TAXATION (ACF 358) Bsc.

BUSINESS ADMIN (ACCOUNTING) - (FULL & PART-TIME) THIRD YEAR 2ND SEMESTER 2011 LECTURER: RICHARD OWUSU-AFRIYIE

CA (GH), MGIM, EMBA (FINANCE); F.I.M.S. (Dip. IMS), FIPFM, FCFM

1.

COURSE OUTLINE

This course aims to develop knowledge and understanding in the core areas of tax related to business and their employees. Topics covered include scope of corporation tax, profit chargeable to corporation tax, chargeable gains, basic income tax computation, PAYE system, calculation of corporation tax liability overseas aspects, self assessment income tax and Value Added Tax (VAT)

2.

COURSE OBJECTIVES AND LEARNINIG OUTCOMES The primary emphasis in the course will be on: - developing the knowledge and understanding the principles, concepts and procedures relating to the Income Tax, Capital Gains Tax, Gift Tax, and the Value Added Tax, and on developing skills to apply the underlying principles, concepts and procedures to professional services. The course is also aimed at developing the candidates knowledge and understanding of taxation from the imposition of tax through to the payment of Tax and the Tax Administration. This course will review changes in the tax environment and also covers knowledge, understanding and application of relevant laws on taxation At the end of the course, candidates should be able to: 5

explain the significance of the fundamental taxation laws, principles and concepts; and apply them in given situations; explain the nature, purpose and scope of taxation; state and explain Income Tax Returns and Administration state, and explain the imposition of Income Tax, Chargeable Income and Assessable Income and their computations; state and explain tax accounting principles; compute taxation of Individuals; compute taxation of Partnerships and Partners; compute taxation of Companies and Shareholders; compute taxation of Bodies of Persons and their Owners; state and explain procedures relating to Income tax; state and explain the imposition of Capital Gains Tax, Gift Tax and Value Added Tax; calculate Capital Gains Tax, Gift Tax and Value Added Tax; explain and calculate income tax relating to International business transactions plan tax administration of individuals, partnerships and companies;

3.

COURSE TOPICS
a.

Introduction
i. ii. iii. iv. v. vi. vii. viii. ix.

Introduction of Taxation in Ghana Definition of Taxation The Role of Taxation in the National Economy Types or Kinds of Tax Attributes of a Good Tax System Impact, Incidence and Taxable Capacity Issues involved in Analyzing Taxes Tax Incidence Analysis Tax Jurisdictions and Competent Authorities

b.

Income Tax
i. ii.

Imposition of Income Tax Chargeable Income 5

iii.

Assessable Income

Definition Exempt Income Deductions

iv. v.

Tax Accounting Principles Taxation of Individuals


Individuals as Tax Unit Personal Reliefs Principles of Taxation for Partnerships Ascertainment of Partnership Income Taxation of Partners Partnership Obligations Principles for Taxation for Companies Undistributed Profits of Companies Principles of Taxation for Bodies of Persons Calculation of the Attributable Bodies of Persons Deduction for Amounts Attributed to Beneficiary Taxation of Beneficiaries of Bodies of Persons Incapacitated Persons Deceased Individuals Geographic Source of Income Foreign Income from a Separate Business or Investment Income Attributable to a Permanent Establishment Branch Profits Tax Taxation of Non-residents Providing Shipping, Air Transport or Telecommunications Services in Ghana Relief from Double Taxation Returns Assessments 5

vi.

Taxation of Partnerships and Partners


vii.

Taxation of Companies and Shareholders


viii.

International

ix.

Procedure Relating to the Income Tax


x.

Payment of Tax

Capital Allowances

c.

Capital Gains Tax


i. ii. iii. iv. v.

Imposition of Capital Gains Tax Realization Chargeable Asset Calculation of Capital Gains Tax Procedure Relating to Capital Gains Tax

d.

Gift Tax
i. ii. iii. iv.

Imposition of Gift Tax Taxable Gift Valuation Procedure Relating to Gift Tax

e.

Value Added Tax


i. ii. iii. iv. v.

Imposition of Value Added Tax Taxable Value Method of Calculating VAT VAT Flat Rate Scheme Procedures relating to VAT

4.0 COURSE REQUIREMENTS Course Requirements for a grade include the following: Individual Assignment Class attendance & Participation Group Term Project Final Examination Total 10% 5% 15% 70% 100%

5.0 LIST OF RECOMMENDED TEXT:


1. 2. 3. 4. 5. 6.

ICAG Study Text Ali-Nakyea Abdallah, Taxation in Ghana Obeng George, Goodwill Taxation on Ghana Laws Manuals of Txation of Audit Firms The Internal Revenue Act, 2000, (Act 592) and its Amendments Value Added Tax 1998, (Act 546) and its Amendments

6.0 LECTURERS CONTACT: E-mail richardowusuafriyie@ymail.com Mobile: 0244 418800

7.0 CLASS GROUP CONTACT: E-mail: ksbgrouptwo@yahoo.com

SELF RESEARCH STUDIES


1.

VISIT INTERNAL REVENUE SERVICE OFFICES and learn about:


Various Tax Returns Tax Administration Tax Computation for Personal and Corporate Capital Allowances Computation Personal Tax Reliefs Offences & Penalties Capital Gains & Gift Tax 5

Etc

2.

VISIT VAT OFFICE and learn about


1. 2. 3. 4. 5. 6.

Imposition of Value Added Tax Taxable Values Method of Calculating VAT VAT Flat Rate Scheme Input and Output Vat Procedures relating to VAT

3.

GHANA REVENUE AUTHORITY Learn about the New Tax Environment in the country

Domestic Others