SOLUSI UNIVERSITY

FACULTY OF BUSINESS ADMINISTRATION

DEPARTMENT OF ACCOUNTING

ACCT 262 – TAX LAW & PRACTICE II (3CR)

                                                      COURSE SYLLABUS

 

Course Meting:           T / TH (0700-0900HRS)                    Room: FOB 5

Office:                        5 Beithall                                            Cell:    +263774009604

Email:                         ndiwenib@solusi.ac.zw                      Skype: ndiweni.beckie

Pre-requisite: ACCT 261

 

Course Description

Zimbabwe tax law as applied to, miners, trusts, pension and benefit funds, double taxation agreements, partnerships and companies, including the preparation of tax returns.  Consideration of capital gains and estate taxation is included. 

   

COURSE OBJECTIVES

This course is designed to achieve the following objectives:

 

1.      To help the student gain an understanding of the Zimbabwean tax system.

2.      To adapt and compare the Zimbabwean Tax law to that of countries in the Sub-Saharan region.

3.     To cover topics in taxation for general business as well as partnerships and companies.

4.     To assist the student in interpreting and applying the Capital Gains Act.

5.     To build the student’s knowledge over and above the aspects covered in ACCT 261.

 

COURSE PROCEDURES AND REQUIREMENTS

a.      Attendance in all scheduled class appointments is mandatory. 

b.     Each session to begin with a prayer.

c.      As stewards of time students are expected to be punctual in all classes and are expected to submit their assignments as they fall due. Late work will not be tolerated.

d.     Each student is encouraged to actively participate in the class activities.

e.      Students are encouraged to work in small groups, but should refrain from duplicating other students’ work.  All assignments must reflect each student’s work and ingenuity.

f.      Academic DISHONESTY will not be tolerated and may lead to lowering of a letter grade or dismissal from the class.

 

 

 

 

COURSE CONTENT

1.     Deceased Estates & Trusts

1.1            Define and discuss on what entails Deceased Estates & Trusts

1.2            Explain a trust, in relation to income the subject to which no beneficiary is entitled

1.3            Explain provision deals with income derived from assets in a deceased estate

1.4            Calculations on Pre and Post death income

Group Discussions

 

2.     Company Taxation

2.1       Discuss on the scope of Company Taxation

2.2       Discuss on Profits chargeable to Company Taxation

2.3       Understand and explain the comprehensive computation of corporation tax liability

2.4       Explain on the effect of a group company structure for Company Taxation purposes

2.5       Explain the use of exemptions and reliefs in deferring and minimizing corporation tax liabilities

            Assignment 1

 

3.     Capital Gains Tax

3.1       Define Capital Gains Tax

3.2       Discuss on the scope of the taxation of Capital Gains Tax

3.3       Explain the basic principles of computing gains and losses

3.4       Calculate gains and losses on the disposal of immovable property and marketable securities

3.5       Compute Capital Gains Tax payable by individuals and companies

3.6       Explain on the use of exemptions and reliefs in deferring and minimizing tax liabilities arising on the disposal of specified assets for Capital Gains Tax purposes

Group Discussions & Test 1

 

4.     Partnerships

4.1       Define Partnerships

4.2       Discuss on tax & filing obligation of partnership

4.3       Discuss on tax benefits of a partnership

            4.4       Discuss on tax system for partnership

            4.5       Explain on partnership transactions

            Assignment 2 & Test 2

 

5.     Tax Avoidance, Evasion

5.1       Define tax avoidance, evasion and enforcement

5.2       Discuss on strategies for tax avoidance

5.3       Discuss on curbing tax evasion

5.4       Tax avoidance cases

Group Discussions

 

6.     Withholding Taxes

6.1       Define withholding taxes

6.2       Discuss on how withholding taxes work

6.3       Discuss on the purpose of withholding tax

6.4       Discuss on the importance of withholding tax

            Mid Term Examination

 

7.     Double Taxation Agreements

7.1       Define double taxation

7.2       Discuss on laws on how to curb double taxation

7.3       Discuss on problems double taxation

Group Discussions & Test 3

 

8.     Value Added Tax

8.1       Discuss on the scope of value added tax (VAT)

8.2       Discuss on the VAT registration requirements

8.3       Explain on the computation of VAT liabilities

            Assignment 3 & Final Examination

 

ESSENTIAL READING MATERIAL

Hill, L. Income Tax in Zimbabwe. (Butterworths)

Nyatanga, P. (2018) A Guide to Zimbabwe Taxation 2018 Study Manual. 5th Ed.

Tapera, M. (2015) ACCA Paper F6 Zimbabwe Taxation

The Zimbabwe Revenue Authority (ZIMRA) website - www.zimra.co.zw/

The National Social Security Authority (NSSA) website - www.nssa.org.zw/

 

Additional Reading: Zimbabwe Income Tax Act, the Capital Gains Act, Finance Act and the Value Added Tax Act

 

EXAMINATION AND GRADING

1.   There will be a mid-semester and a comprehensive final examination.  In addition there will be test/quizzes and assignments from time to time. No make-ups for missed exams

 

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

 

Assignments                                    5%

Quizzes and Tests                15%

Mid Semester exam             30%

Final examination                50%

             Total                       100%             

 

3.   The grading scale will be as follows:

 

Letter Grade

Percentage Grade

Grade Points

A

90 – 100

 12.00

A-

80 – 89

 11.01

B+

75 – 79

 9.99

B

70 – 74

 9.00

B-

65 – 69

 8.01

C+

60 – 64

 6.99

C

50 – 59

 6.00

D

45 – 49

 3.00

F

0   - 44

 0.00

 

Course Assessment

The tests and examinations may be a mixture of multiple choice and essays. Some tests and assignments will be done and submitted online (moodle)

 

NB: Test dates, Mid Term Examination date and Assignments submission dates & times are prescribed on moodle platform.

 

Moodle Class Link: http://moodle.solusi.ac.zw/course/view.php?id=230