SYLLABI PART B ZIMBABWE TAXATION

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The aim of this module is to develop and assess the essential knowledge and skills involved in the handling of corporate and individual’s taxation issues.


 

LEARNING OUTCOMES

At the conclusion of this module the candidate will be able to.

  • Understand the tax framework, environment and the law that regulates taxation.
  • Prepare tax computations for individuals, partnerships and companies and covering industry types such as miners, farmers etc.
  • Understand the difference between income tax and capital gains tax.
  • Have an understanding of sales tax and or VAT, withholding taxes particularly PAYE.
  • Engage in tax planning for organizations and individuals.
  • Introduction to Financial Accounting
  • Business Communication

PRE-REQUISITE LEARNING

Evidence of assessed pre-requisite knowledge and understanding in the following disciplines must be demonstrated through the Institute’s examinations, or those of equivalent qualifications which have been approved as meeting the Institute’s requirements.

LEARNING CONTENT

Taxes levied in terms of the Income Tax Act (Chapter 23.06) with particular reference to-

  1. The Income Tax Act
    1. gross income
    2. deemed accruals
    3. income from assets in deceased estates
    4. sources of income
    5. exempt income
    6. general and specific deductions
    7. dividends
    8. individuals, minors, natural persons, partnerships, trusts, companies, private business corporations, farming, mining, export processing zones, growth points
    9. insurance companies, financial institutions, non-profit and statutory corporations
    10. fringe benefits
    11. returns
    12. Recovery and refund
    13. Withholding taxes
    14. Important court decisions which clarify tax law and relate it to generally accepted tax practice.
    15. The administration of the Act, including Annual Payment Dates
      1. duty payable
      2. returns required
        1. calculation of tax payable
        2. rollover
        3. withholding tax
        4. payment, assessment, refund
          1. customs duties and import taxes
          2. paysheet levies – Standards, Zimdef, NEC and NSSA

a)   Aspects of Income Tax Act:

i)         livestock and farm produce

ii)       trading stock

iii)       suspensive sales

iv)       interest incurred and accrued

v)         lump-sum benefits

vi)      non-resident taxpayers

vii)       avoidance and evasion

b)      Procedures

ii)          assessment

iii)         payment

e)          The current practices of the Commissioner General

f)           Tax planning

Duties levied in terms of the Estate Duty Act (Chapter 23/03) with particular reference to –

The Estate Duty Act and other relevant legislation including the Administration of Estates Act:

i)         estate – (its meaning)

ii)          valuation

iii)         deduction

important court decisions

the practices of the Commissioner of Taxes

estate planning

Taxes levied in terms of the Value Added Tax Act with particular reference to-

the Value Added Tax Act and relevant Statutory Instruments

important decisions

the practices of the Commissioner of Taxes

tax planning

Taxes levied in terms of the Capital Gains Tax Act (Chapter 23:01) with particular

reference to-

b)   Important court decisions

c)   The practices of the Commissioner of Taxes

4.4. Other taxes, rates, levies and duties – legislation and liability:-

a)  crop levies

b)  property rates and taxes

Questions will be set on any of the provisions of the Income Tax Act, Finance Act Value Added Tax and Capital Gains Tax Act.

Candidates will be required to submit answers to certain questions in the form of reports or memoranda and to quote the relevant case law.

Questions will be based on the legislation applicable to the year of assessment ended on the 31st December in the previous calendar year.

NOTE:

1.   Candidates may make use of hand-held, self-powered, silent, non-programmable calculators but immediate working steps must be shown.

2.   Candidates may take into the examination room an unmarked copy of the Income Tax Act (as amended) and of the Finance Act and the Capital Gains Tax Act.

3.   Students are permitted to take in their ZXNET Amended Zimbabwe Taxation Statutes provided, of course, that no notes or commentaries are included.

AASSESEMENT SCHEME

Three hour examination paper.

RECOMMENDED READING
Hore J, Mangoro M (2006) Students Guide to Tax in Zimbabwe ZXNET Harare
Tagara E (2006) Zimbabwe Taxation

(Revised Edition)

Vision Publications Harare
Zimbabwe Government (1995) Income Tax Act (23:06) Government Printers Harare
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