Tax Law & Practice (April 2018 Session)

Solusi University

Faculty of Business

Accounting Department

ACCT 261 – Taxation 1 (3 CR)

Course Outline 

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COURSE DESCRIPTION

A study of Zimbabwean tax law as applied to individuals, proprietorships, companies, farmers, estates, etc.  Prerequisite:  ACCT 112.

 

COURSE OBJECTIVES

This course is designed to achieve the following objectives:

1.      To educate the student have in matters of the Zimbabwean tax system.

2.      To adapt and compare the Zimbabwean Tax Law to that of other countries in the Sub-Saharan region, especially RSA.

3.      To equip the student with knowledge  in the preparation of individual and company tax returns and their assessment.

4.      To cover topics in taxation for general business, partnership, companies, and trusts and to assist the students understand the new Final Deduction System.

 

COURSE PROCEDURES AND REQUIREMENTS

1.      Attendance in all scheduled class appointments is encouraged.

2.      Students are expected to be in class on time, and tardiness must be given permission of entry into class

3.      Each student is strongly encouraged to participate in the class activities meaningfully.  Students may be required to solve some problems on the board.

4.      Late work will generally not be accepted. If accepted, penalty of 5% off the points earned for each day past due date..

5.      Unless prior arrangements have been made (where possible) and approved by the instructor, a zero will be recorded for any work not completed and handed in by the due date and time.

6.      There will generally be a quiz at the end of each chapter, also expect a few unannounced quizzes.  Quizzes may be based on new chapter readings or work previously covered in class.

TENTATIVE CLASS SCHEDULE

1.      Introduction and class procedure

2.      Income tax administration and tax collection

·         Executive Tax Management

·         ZIMRA Division

·         Collection Dates

3.      Historical Background

4.      Objectives of Taxation

5.      Major Types of Taxes

6.      Canons of Taxation

7.      Individual Taxation

·         PAYE & FDS

·         Definition and determination of gross income

·         Sources of gross income – regular & deemed

·         Special items in Gross Income

·         Exemptions

·         Allowable Deductions

8.      Determination of Tax Liability

9.      Taxation of farmers

·         Deduction of certain kinds of expenditure

·         Special treatment of certain sales  & purchases

·         Re-stocking Allowance

·         Livestock Valuation & livestock Trading Account

10.  Deceased Estates & Trusts

·         Ascertained Beneficiary

·         Estate Residue

·         Wills & Usufruct

·         Beneficiary with Vested right

·         Assesed losses

·         Expenditure incurred agin post-death income

 

ESSENTIAL READING MATERIAL

1.      Hill, L. W. Income Tax in Zimbabwe, 5th ed.,

2.      Zimbabwe Taxation: Tagara / W. Sono

3.      Income Tax Act, Govt. Printers (as amended)

4.      Finance Act, Govt. Printers (as amended)

5.      The ZXNET Amended Zimbabwe Taxation Statutes, ZXNET

 

EXAMINATION AND GRADE SYSTEM

1.      There will be a mid-semester and a final examination.

2.      The final grade will be based on the following weights

Assignments                                         10%

Quizzes and tests                                 10%

Mid semester examination                    30%

Final examination                                  50%

Total                                                      100%

The grading scale will be as follows:

A             90 – 100%               A-            80 – 89%                 B+           75 – 79%

B             70 – 74%                 B-            65 – 69%                 C+           60 – 64%

C             50 – 59%                 D             45 – 49%                 F              0 - 44%