Taxation Syllabus PDF

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TAXATION (MIDTERMS) I. GENERAL PRINCIPLES OF TAXATION A. CONCEPT AND PURPOSE OF TAXATION 1. DEFI NI TI ONANDCONCEPT 2. PURPOSE 3. TAXASDI STI NGUI SHEDFROM OTHERFORMSOFEXACTI ONS B. POWER OF TAXATION AS DISTINGUISHED FROM POLICE POWER AND EMINENT DOMAIN C. THEORY AND BASIS OF TAXATION 1. LI FEBL OOD THEORY 2. NECESSI TYTHEORY 3. BENEFI TSPROTECTI ONTHEORY( SYMBI OTI CRELATI ONSHI P) D. PRINCIPLES OF A SOUND TAX SYSTEM 1. FI SCALADEQUACY 2. ADMI NI STRATI VEFEASI BI LI TY 3. THEORETI CALJUSTI CEOREQUALI TY E. INHERENT AND CONSTITUTIONAL LIMITATIONS ON TAXATION 1. I NHERENTL I MI TATI ONS  Publ i cPur pose  b.I nher ent l yLegi sl at i v e  c .Ter r i t or i al  d.I nt er nat i onalComi t y  e.Ex empt i onofGov er nmentEnt i t i es ,Agenci es,andI nst r ument al i t i es 2. CONSTI TUTI ONALL I MI T ATI ONS  Pr ov i si onsdi r ect l yaffect i ngTax at i on  b.Pr ovi si onsI ndi r ect l yAffect i ngTax at i on F. KINDS OF TAXES 1. ASTO OBJECT 2. ASTO BURDENORI NCI DENCE 3. ASTO TAXRATES 4. ASTO PURPOSE 5. ASTO SCOPE( ORAUTHORI TYI MPOSI NG THETAX) 6. ASTO GRADUATI ON G. GENERAL CONCEPTS IN TAXATION 1. PROSPECTI VI TYOFTAXL AWS 2. I MPRESCRI PTI BI LI TYOFTAXES 3. SI TUSOFTAXATI ON 4. DOUBLETAXATI ON  St r i cts ense( Di r ectDupl i cat eTax at i on)  b.Br oadsens e( I ndi r ectDupl i cat eT ax at i on) 5. ESCAPEFROM TAXATI ON  Shi f t i ngofTaxBur den  b.TaxAv oi dance( TaxMi ni mi zat i on)  c .TaxEv asi on( TaxDodgi ng)  d.Tr ans f or mat i on 6. EXEMPTI ONFROM TAXATI ON 7. DOCTRI NEOFEQUI TABLERECOUPMENT 8. PROHI BI TI ONONCOMPENSATI ONANDSETOFF 9. COMPROMI SE 10.TAXAMNESTY

II. NATIONAL INTERNAL REVENUE CODE (NIRC) OF 1997, AS AMENDED A. TAXING AUTHORITY 1.

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JURI SDI CTI ON, POWER ANDFUNCTI ONSOFTHECOMMI SSI ONEROFI NTERNALREVENUE a.Power sandDut i esoft heBur eauofI nt er nalRev enue( Sec .2,NI RC) b.Poweroft heCommi ss i onert oI nt er pr etTaxLawsandt oDeci deTaxCases c .Nonr et r oact i vi t yofr ul i ngs( Sec .246,NI RC) RULEMAKI NG AUTHORI TYOFTHESECRETARYOFFI NANCE a.Aut hor i t yoft heSecr et ar yofFi nancet oPr omul gat eRul esandRegul at i ons( Sec .244,NI RC) b.Speci ficPr ovi si onst obeCont ai nedi nRul esandRegul at i ons( Sec.245,NI RC)

B. INCOME TAX 1.      

DEFI NI TI ON, NATUREANDGENERALPRI NCI PLES I ncomeTaxSy st ems Feat ur esoft hePhi l i ppi neI nc omeTaxLaw Cr i t er i ai nI mposi ngPhi l i ppi neI ncomeTax TypesofPhi l i ppi neI ncomeTax Ki ndsofTaxpay er s Est at esandTr ust s

2.    

CONCEPTOFI NCOME WhenI ncomei sTax abl e Test si nDet er mi ni ngWhet herI ncomei sEar nedf orTaxPur pos es Met hodsofAcc ount i ng Si t usofI ncome

3.   

GROSSI NCOME Defini t i on Di st i ngui sh:gr os si ncome,neti ncome,andt ax abl ei ncome Sour cesofI ncomeSubj ectt oTax Ex cl us i ons

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4.DEDUCTI ONSFROM GROSSI NCOME    

Gener alRul es ConceptofRet ur nofCapi t al Di st i ngui sh:I t emi z edDeduct i onsandOpt i onalSt andar dDeduct i ons I t emsNotDeduct i bl e

5.I NCOMETAXONI NDI VI DUALS  Resi dentCi t i z ens ,NonResi dentCi t i z ensandResi dentAl i ens[ Sec .24( A) ( 1) ]  NonResi dentAl i ensEngagedi nTr adeorBusi ness  NonResi dentAl i ensNotEngagedi nTr adeorBusi ness[ Sec.25( B) ]  Al i ensEmpl oy edbyRegi onal Headquar t er s ,Regi onal Oper at i ngHeadquar t er s ,Offshor e Banki ngUni t s ,andPet r ol eum Ser vi ceCont r act or s  I ndi vi dual Tax pay er sex emptf r om i ncomet ax 6.I NCOMETAXONCORPORATI ONS   

Domest i cCor por at i onsandResi dentFor ei gnCor por at i ons Nonr esi dentFor ei gnCor por at i ons( NRFC)[ Sec.28( B) ] c .Cor por at i onsEx emptf r om I ncomeTax

7. FI LI NG OFRETURNSANDPAYMENT  I ndi vi dual Ret ur n

  8.    

Cor por at eRet ur ns Ret ur nonCapi t al Gai nsReal i z edf r om Sal eofShar esofSt ockandReal Est at e WI THHOLDI NG OFT AXES Concept Fi nalWi t hhol di ngTax Cr edi t abl eWi t hhol di ngTax Fr i ngeBenefit sTax

TAXATION 2 (FINALS) A. ESTATE TAX 1.BASI CPRI NCI PLES, CONCEPT,ANDDEFI NI TI ON 2.CLASSI FI CATI ONOFDECEDENT 3.COMPOSI TI ONOFGROSSEST ATE B. DONOR’S TAX 1.BASI CPRI NCI PLES, CONCEPT,ANDDEFI NI TI ON 2.REQUI SI TESOFVALI D DONATI ON 3.TRANSFERSWHI CHMAYBECONSI DEREDASDONATI ON  Sal e,Exc hange,orTr ans f erofPr oper t yf orLessThanAdequat eandFul lConsi der at i on  Condonat i onorRemi ss i onofDebt  Renunci at i onofi nher i t ance 4.CLASSI FI CATI ONOFDONOR 5.DETERMI NATI ONOFGROSSGI FT( I NCLUDI NG COMPOSI TI ONANDEXEMPTI ONS) 6.TAXCREDI TFORDONOR’ STAXESPAI DI N AFOREI GNCOUNTRY 7.FI LI NG OFRETURN ANDPAYMENT C. VALUE-ADDED TAX (VAT) 1.NATURE&CHARACTERI STI CSOFVA T  Taxonv al ueadded  Sal esTax  TaxonConsumpt i on  I ndi r ectt ax :I mpactandI nci denceofTax  TaxCr edi tMet hod  Des t i nat i onPr i nci pl eandCr oss Bor derDoct r i ne 2.PERSONSLI ABLETO VALUEADDEDTAX 3.COMPOSI TI ONOFVALUEADDED TAX 4.ZERORATEDANDEFFECTI VEL YZERORATEDSALESOFGOODSOR PROPERTI ES, ANDSERVI CES 5.VALUEADDEDT AXEXEMPTTRANSACTI ONS 6.I NPUTAND OUTPUTTAX 7.REFUNDOR TAXCREDI TOFEXCESSI NPUTTAX; PROCEDURE 8.COMPLI ANCEREQUI REMENTS  Regi st r at i on  I nv oi ci ngRequi r ement s  Fi l i ngofRet ur nsandPayment  Wi t hhol di ngofFi nal Val ueaddedTaxonSal est oGov er nment  Admi ni st r at i v eandPenalSanct i ons D. PERCENTAGE TAXES: CONCEPT AND NATURE E. EXCISE TAX: CONCEPT AND NATURE...