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Taxation 1 CPA 4 zipped file (65 items)

By Omosa


TAXATION Kasneb exam Overview

To provide the candidate with knowledge on the theory and practice of taxatin
A candidate who passes this paper should be able to:Explain the theory of taxationDiscuss the legal framework governing the tax systemApply principles and concepts of taxationCompute tax and file tax returns for individuals and incorporated businessesOutline taxation administrationDesign tax plans and systems for organisationsOutline taxation administrationDesign tax plans and systems for organisationsUndertake tax management of organisationsDiscuss current developments relating to taxation
10.1 Theory of taxation

- Why governments levy taxes
- Principles of an optimal tax system
- Classification of taxes
- Incidence of a tax
- Taxable capacity
- Budgetary objectives
- Role of taxation in achieving budgetary objectives
- Fiscal policy reforms and their impact on government revenue, expenditure and economic activities
10.2 Taxation of income of persons

- Sources of taxable incomes
- Non taxable incomes
- Taxable and not taxable persons and institutions
- Tax rates: Relief and withholding taxes
- Taxation of individuals, partnerships and body corporates
- Allowable and non-allowable deductions
- Tax deficits
- Tax computations
- Incomplete records
- Application of case law
10.3 Capital deductions

- Investment deduction: Ordinary manufacture, manufacture under bond, shipping investment deductions
- Industrial buildind deductions
- Wear and tear allowances
- Farm works deductions
- Other deductions
- Application of case law
10.4 Tax administration

10.4.1 Administration of income tax (Cap. 470)

- Income Tax Act, finance bills and their provisions
- Identification of new taxpayers
- Tax assessments, self-assessment, additional assessments and estimated assessment
- Remittance of tax: Installment tax and final tax
- Turnover tax
- Operation of PAYE systems
- Tax compliance and tax audit notices
- Objection, appeals and relief of mistake
- Appellant bodies
- Collection and recovery of taxes
- Refund of taxes and waivers
- Offences, fines, penalties and interest
- Application of case law
10.4.2 Administration of value added tax (Cap. 476)

- Introduction and development of VAT ina country
- Classification of taxable goods and services
- Exempt supplies
- Registration and de-registration of taxable persons
- Rights and previleges of a VAT registered person
- Accounting for VAT, taxable value, time of supply
- Charge to tax, deduction of input tax, apportionment method of input tax
- VAT records
- VAT due for payment/credit
- Remission, rebate and refund of VAT
- Collection and recovery of tax
- Offences, penalties and interest
- Requirements of objections and appeals
- Compliance management; reconciliation of returns and compliance checks
- Tax audits; normal audit, in depth audit
10.4.3 Administration of customs taxes and excise taxes (Cap. 472)

- Customs procedures
- Tax powers and rights to revenue
- Import and export duties
- Goods subject to customs control
- Valuation of imports and exports
- Prohibitions and restriction measures
- Transit goods and bond securuties
- Excisable goods
- Ruls of origin and their economic consequences
- East African Community Customs Management Act
10.5 Taxation of specific sources of income

- Dividends
- Interest
- Rent
- Royalties
- Pension
- Annuities
- Other gains or profits
10.6 Other revenue sources

- Miscellaneous revenue sources, inspection charges, trade licenses, airport taxes, stamp duties, property rates, petroleum levys, sugar levy, betting and gaming tax
- New taxes, levies and charges.

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