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C5-Indirect Taxes

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C5-Indirect Taxes

Course Features

Course Details

C5-INDIRECT TAXES

This Paper introduces students to indirect taxation and covers aspects of Value Added Tax and Customs and Excise Duties and surtaxes.

Objectives

A candidate who has successfully completed the subject should be able to:
  1. Discuss the history and growth of Value-added taxes globally and the rationale for their adoption by governments internationally;
  2. Describe the ‘invoice based, credit offset, value-added tax’ model and the concept of ‘neutrality’ as that term is used in the VAT Act;
  3. Discuss the activities and transactions that represent practical difficulties in the operation of the ‘invoice based, credit offset, value-added tax’ model and describe the structural design features that lead to these difficulties;
  4. Give reasons why governments choose to exempt, zero-rate and treat as out of scope certain activities under a credit offset, invoice-based VAT; and
  5. Discuss the various issues pertaining to Customs and Excise Duties.

Structure of the examination paper

There shall be a three hour examination consisting of five (5) compulsory questions of twenty (20) marks each. Candidates will be allowed fifteen minutes’ reading and planning time.

Detailed Syllabus

  • UNIT 1 - VALUE ADDED TAX
  • Element 1: Meaning of Value Added tax
  • Element 2: How the VAT system works & Legislation for VAT
  • Element 3: Arguments for and against VAT
  • Element 4: Meaning of Supply
  • Element 5: Determination of Taxable supply
  • Element 6: Meaning of Consideration
  • Element 7: VAT Registration & Deregistration Rules
  • Element 8: Output Tax Element 9: Input Tax
  • Element 10: Link between VAT and direct taxes
  • Element 11: Partial Exemption Methods
  • Element 12: Imports and exports
  • Element 13: Special Schemes
  • Element 14: Special Retailer Methods
  • Element 15: Chain Transactions – Minimum Taxable Values
  • Element 16: Reverse Charge VAT
  • Element 17: VAT Control and credibility checks
  • Element 18: Principle of Estoppel in VAT Cases
  • Element 19: Leasing Transactions & Repurchase Agreements
  • Element 20: VAT on Printed & Other Matter
  • Element 21: VAT Refund Scheme for Tourists
  • Element 22: Bad Debt Relief
  • Element 23: Self Supply
  • Element 24: Transfer of Business as a Going Concern
  • Element 25: Correction of Errors
  • Element 26: Misdeclaration
  • Element 27: Late Registration and unauthorized issue of VAT Invoices
  • Element 28: VAT Penalties & Interest
  • Element 29: Appeals & Requests for Review
  • UNIT 2 – SPECIFIC SECTOR VALUE ADDED TAX
  • Element 1: VAT Considerations in the Mining Sector
  • Element 2: VAT Considerations in the Agriculture Sector
  • Element 3: VAT Considerations in the Tourism Sector
  • Element 4: VAT Considerations in the Telecommunications Sector
  • Element 5: VAT Considerations in the Banking & Financial Services Sector
  • Element 6: VAT Considerations in the Construction Industry
  • UNIT 3 - CUSTOMS AND EXCISE DUTIES
  • Element 1: Introduction to Customs & Excise Duties
  • Element 2: Functions of the Customs and Excise Division
  • Element 3: Powers of ZRA Officials
  • Element 4: Official and Commercial Documents
  • Element 5: Determination of value for Duty Purposes
  • Element 6: Valuation Element 7: Clearance.
  • Element 8: New Residents Rebates
  • Element 9: The African Growth and Opportunity Act (AGOA)
  • Element 10: International Trade Agreements
  • Element 11: Preferential Trade Agreements
  • Element 12: Exportation of Goods
  • Element 13: Excise Duties
  • Element 14: Bonded Warehouses
  • Element 15: Currency Declaration
  • Element 16: Surtax on Carbon Emissions
  • Element 17: The COMESA Customs Union
  • Element 18: Overlapping Membership of Regional Tax Groupings
  • UNIT 3 - EXPORT CONCESSIONS
  • Element 1: Introduction
  • Element 2: Duty Drawback System
  • Element 3: Basis of Payment
  • Element 4: Challenges of the duty drawback system
  • Element 5: Calculation of Coefficients for Duty Draw Back
  • Element 6: Zero Rating for Exports
This course does not have any sections.

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