UNIT 12

TAXATION

Unit 12 Taxation
Name of Assessor (s): Ryk Ramos Name of Internal Verifier: Leo Anoche

Topics
Class room procedures Levelling of Expectations Scheme of Work Title Page Assignment Body Individual and Group Assignments Harvard Referencing System Book References
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Class Room Procedures

Levelling of Expectations

Scheme of Work

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Week 1a

1b

Topics To Be Covered y Class room procedures y Levelling of Expectations y Scheme of Work y Title Page y Assignment Body y Grouping y Individual and Group Assignments y Harvard Referencing System y Book References Review of Last session Test of baseline knowledge Purpose and types of taxation Different Methods of collection Tax Legislation

Mode Remarks Orientation / Planning Session

Explain the nature and purpose of taxation

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2a

Review of Last session Test of baseline knowledge Transactions with the BIR Advising Clients Calculating liabilities Confidentiality

Group Presentat ion/ Lecture/ Class Discussio n

Explain the role and responsibiliti es of the tax practitioner

2b

Review of Last session Test of baseline knowledge The National Internal Revenue Code Tax Procedure in the Philippines

Describe the Philippine Tax Environment

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3a

Review of Last session Test of baseline knowledge Sources of Income of an individual  Cash  In- kind  Trading  Investment/ Savings

Group Presentatio n/ Lecture/ Class Discussion

Identify the relevant income, expenses, and allowances

3b

Review of Last session Test of baseline knowledge Relevant and allowable expenses Charges on income Payments to charities Tax free allowances Tax rates Payment dates

Group Research

Calculate taxable amount and the tax payable for employed, selfemployed individuals, and advise on payment dates

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4a

Review of Last session Test of baseline knowledge Bases of assessment Adjustments of profits and losses Disallowed expenses Tax Losses Capital expenses and allowances Tax Forms y Consultation for Draft Assignment 1

Group Presentatio n/ Lecture/ Class Discussion

Complete relevant documentation and returns`

4b

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5a

y Finalization of Assignment and Submission

5b

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Review of Last session Test of baseline knowledge Bases of assessment Scope of Corporate Tax Accounting periods Chargeable profits Payment Dates

Power point and seat work. Deadline for submission of final assignment 12-01 Calculate chargeable profits and losses for a company and advise on payment dates

6a

Review of Last session Test of baseline knowledge Documentation requirements Filling-up of Income Tax Returns

Group Presentat ion/ Lecture/ Class Discussio n

Calculate the tax liability of a company and advise on payment dates Explain how income tax deductions are to be dealt with

6b

Review of Last session Test of baseline knowledge Income Tax Deductions Treatment of losses

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7a

Review of Last session Test of baseline knowledge Incidence of Capital Gains Chargeable assets and disposals Basis of Assessment Treatment of Deductions Review of Last session Test of baseline knowledge Layout of computation Allowable Expenditure Indexation allowance and taper relief Dealing with losses Allowances

Group Presentat ion/ Lecture/ Class Discussio n

Identify chargeable assets and disposals for an individual or company

7b

Calculate the capital gains and losses for an individual and company, together with relevant allowances

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8a

Review of Last session Test of baseline knowledge Tax form used Tax rates Calculating the tax payable Reporting Period

Group Presentati on/ Lecture/ Class Discussio n

Calculate the tax payable in respect of capital gains

8b

y Consultation for Draft Assignment 1

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y Finalization of Assignment 9a

Submission of Draft Unit 12- 01 Assignment Submission of Final Unit 12- 01 Assignment

y Submission of Assignment 9b

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TITLE PAGE

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Assignment Body

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Writing Rules
Text font Arial 12 points. Alignment should be justified Double spacing Left and top margins should be set to 1 inch. Right and bottom margins should be set to 1 inch. Page numbers should be centered down End noting should be applied.
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Assignments

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Individual Assignments
Assignments shall be provided next week Drafts can be submitted 1 week before due dates Draft proposals shall be discussed during scheduled consultations Final papers shall be entertained on or before due dates
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Assignments
Word-process the document using 12 point Arial or Times New Roman Script Use the Harvard referencing End noting must be strictly observed Be careful of PLAGIARISM - acknowledge materials or research Evidences of research must be present to support assignments (minimum of 2 books and references) Any computations must be done using Microsoft Excel and placed at the appendix Survey questionnaires, answered forms, proposed forms Goare also part of the appendix Top

Assignments
Late work will only obtain a highest grades of PASS should it meet all the assessment criteria indicated A referred assignment has to be completed at the end of the term. Work is automatically referred on the last week. A student with a failed assignment must repeat that assignment on the next occasion the unit is taught. A student who incurs at least 2 failed assignments shall repeat the entire unit when it is next offered.
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Harvard Referencing System

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Book References

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Homer A and Burrows R Tolleys Tax Guide (Tolley Publishing) ISBN: 0754521532 Melville A Taxation (FT Prentice Hall) ISBN: 0273673130

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End of Session

Topics for Research

Purpose and types of taxation income tax corporation tax capital gains tax inheritance tax different methods of collection tax legislation
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Required
Describe the Philippine tax environment Get a book on Taxation Get a copy of the NIRC Be Familiar with the BIR.gov.ph site
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