DETAILED COURSE CONTENT



Course Code :

COMF31143


Title :

Advanced Taxation & Strategic Tax Planning


Type/Status :

Compulsory

aaaaaaaaaaaa Aims :
This course module is designed to provide knowledge related to the application of partnership & corporate taxation, tax administration, tax planning and report writing skills on tax matters
Learning Outcome : aaaaaaaaaaaaaaaa
By the end of this course unit students should be able to:
  • apply the income tax law to Partnerships, Resident/Non-resident companies, Charitable institutions, Clubs, and Trade Associations
  • understand the tax administration.
  • apply the Value Added Tax (VAT) law, Nations Building Tax (NBT)  law, Economic Service Charges (ESC) and Stamp duty, and other miscellaneous taxes in practical situations
  • provide advice on tax planning
  • improve skills on report writing


Course Content : Partnership tax; Definition of partnership for income tax, Legality, Computation of divisible profit, Statutory income of a partner, Aggregation of income of spouse, Tax rates, Non-resident partner.

Company tax; Basis of liability, Resident companies and its liability, Non-resident companies and its liability, Computation of taxable profit, Rates of income tax, Concessionary rates and income tax exemptions, Dividend distribution and withholding tax .

Charitable institutions; Definitions, Scope of liability, Tax free allowance, Rate of tax, Exemptions.

Clubs and Associations; Definitions, Business income, Basis of liability, Tax rates.

Tax administration; Filing of returns, Settlement of tax liability, Assessments, Appeals, Imposing penalties

VAT, NBT, ESC and miscellaneous taxes; Imposition, Tax invoice, Time of supply, Rates of taxes, special VAT schemes (SVAT, VAT deferment and suspension), Exemptions, Threshold, Computation of taxes, Furnishing of returns, Assessments, Appeals, Penalties.

Tax planning; Report writing on various tax matters.


Method of Teaching & Learning:

Lectures, Tutorials, Assignments

Scheme of Evaluation:

End semester examination, Mid semester exam and Class room tests.

The weights given to each component of the evaluation method is announced at the commencement of the module.



Recommended Readings: Income tax Act No 10 of 2006 and amendments there to, Department of Inland Revenue, Sri Lanka.

Value Added Tax Act No 14 of 2002 and amendments there to, Department of Inland Revenue, Sri Lanka..

Nations Building Tax Act no 09 of 2009 and amendments there to, Department of Inland Revenue, Sri Lanka..

Economic Service Charge Act No 13 of 2006 and amendments there to, Department of Inland Revenue, Sri Lanka..

Stamp Duty (Special Provisions) Act No 12 of 2006 and amendments there to, Department of Inland Revenue, Sri Lanka..

Finance Act No. 05 of 2005 and amendments there to.

Relevant gazette notifications, Department of Inland Revenue, Sri Lanka.

ICASL guides to Income Tax Law, Institute of Chartered Accountants of Sri Lanka, Sri Lanka

ICASL guide to Value Added Tax law, Institute of Chartered Accountants of Sri Lanka, Sri Lanka.