ACCT 261: Tax Law and Practice I (Harmonized - 2020)

      COURSE SYLLABUS

COURSE INFORMATION

Course Code and Name: ACCT 261: Tax Law & Practice I

Pre-requisite:  ACCT 112

No. of Credits: 3

Zoom Credentials: Meeting ID: 727 7192 1391  Password: 2612020

 

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:

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

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

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

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

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

 

COURSE PROCEDURES AND REQUIREMENTS

1.      Each session to begin with a devotion and prayer.

2.      All students are encouraged to participate during devotion eg by giving testimonies or short sermons that will encourage other students.

3.      As stewards of time students are expected to be punctual in all classes and are expected to submit their assignments as they fall due.

4.      Effort and involvement is as essential for learning as they are for success in your career. To help assure your success, participation in all activities of this course is expected. Your program will identify any specific requirements applicable to this class and delivery method.

5.      Each student is encouraged to participate in the class activities meaningfully.

6.      Students are encouraged to work in small groups, but should refrain from duplicating or photocopying other student’s work.  All assignments must reflect each student’s work and ingenuity. Academic dishonesty is considered to be an extremely serious academic offence.

 

COURSE RESOURCES:

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

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

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

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

5.      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

 

COURSE INSTRUCTIONAL METHODOLOGIES & COURSE ACTIVITIES: 

.

COURSE CONTENT OUTLINE AND ACTIVITIES

SESSION

TOPICS

ACTIVITY

IFVL

ACTIVITY

1

1.1       Income Tax Administration and Tax Collection

·         Executive Tax Management

·         ZIMRA Division

·         Collection Date

 

1.2 Historical Background

 

1.3 Objectives of Taxation

 

1.4 Major Types of Taxes

 

1.5 Canons of Taxation

 

Quiz 1

 

2

2.         Individual Taxation

• PAYE & FDS

• Definition and determination of gross income

• Sources of gross income – regular & deemed

• Special items in Gross Income

• Exemptions

• Allowable Deductions

• The Tax of Individuals who are in business

• NSSA and Pension Funds

Assignment 1

 

3

3.         Determination of Tax Liability

 

Quiz 2

 

4

4.         Property and Investment Income

  • Leasing activities
  • Interest income, dividend income and royalty income
  • Fees paid to Executive and Non-Executive Directors

Assignment 2

 

5

5.          Taxation of Farmers

·         Deduction of certain kinds of expenditure

·         Special treatment of certain sales & purchases

·         Re-stocking Allowance

·         Livestock Valuation & livestock Trading Account

Test 3

 

6

6.         Deceased Estates & Trusts

·         Ascertained Beneficiary

·         Estate Residue

·         Wills & Usufruct

·         Beneficiary with Vested right

·         Assessed losses

  • Expenditure incurred gain post-death income

Test 4

 

 

COURSE REQUIREMENTS:

 

  1. Attendance and daily participation.

 

  1. Reading of the textbook and other related materials
  2. Quizzes

 

EXAMINATION AND GRADING SYSTEM

 

Examination & Grading System

The final grade will be determined as follows:

 

Tests / Quizzes                  10%

Assignments                      10%

Mid Term                         30%

Final Exam                      50%

Total                              100%

 

The following cut-offs are established to assign the final letter grade:

 

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