Phinma - University of Iloilo

Syllabus
PEN Code:

BAM 032

PEN Subject Title:

1.

Credit:

Business and Transfer Taxes

3 units

Prerequisite: BAM 031 (Income Taxation)

Subject Description:
This course involves an intensive study of the business and transfer tax system, including the estate tax, the gift tax, and
transfer tax. The relationship between these three donative transfer taxes, and between the transfer taxes and the income tax, are
emphasized. The policy underpinnings of wealth transfer taxation, and the reasons for the recent erosion in its political support, will
be explored. The Expanded-Value Added Tax and percentages are also discussed.

2.

Objectives: (students should be able to :)

a.

Review the income tax principles and apply certain such principles to the understanding of the course.

b.

Understand the nature of different business and transfer taxes, and determine the tax for different business and transfer
transactions.

3.

c.

Identify the different cases of tax violations and the sanctions imposed for such violations.

d.

Understand the workings of local taxation, the different local taxes and determine the amount thereof.

Subject Outline and Time Allotment

Chapter

Review of Taxation Principles

Transfer Taxation Estate Tax

Topics

Taxes, taxation and the tax system

The national internal revenue code

Tax remedies

Preliminary topics

Gross estate, exclusions and exemptions, deductions, valuation

Schedule and computation of the tax

Basic concepts of succession

Notice of death and filing of return

First Periodical Exam

Week 1-2

Week 3-5

Week 6

Preliminary topics

Application of the tax, exemptions or deductions, valuation

Schedule and computation of the tax

Return, payment, and sanctions

Business Taxation in General

Business taxation in general

and Value Added Tax

Preliminary topics on value-added tax

Imposition of the tax

Sale of goods or properties, importation of goods, sale of services and use or lease of

Transfer Taxation Donors Tax

Schedule

Week 7-8

Week 9-10

properties

Exemptions, tax credits or refunds

Computation of the tax

Compliance requirements

Business Taxes Other

Preliminary Topics

Percentage Taxes

Tax on Small Business Enterprises, on Carriers and Keepers of Garages, on Franchises

1
`This syllabus is standardized and the required syllabus for the CMA Department.

Week 11

`Overseas Communications Tax

Tax on Banks and Non-Bank Financial Intermediaries, on Life Insurance Companies and
Agents of Foreign Insurance Companies

Amusement Taxes

Tax on Sale, Barter or Exchange of Shares of Stock

Returns, Withholding, and Payment of the Taxes

Second Periodical Exams

Week 12

Business Taxes Excise Taxes

Preliminary Topics

on Certain Goods

Goods Subject to the Taxes

Accrual, Filing of Return, and Payment of the Taxes

Tax on Alcohol, Tobacco, and Petroleum Products

Tax on Miscellaneous Articles

Tax on Mineral Products

Administrative Provisions

Business Taxes Documentary

Preliminary Taxes

Stamp Taxes

Returns, Payment of the Taxes, and Sanctions

Rates and Bases of the Taxes

Statutory Offenses and Penalties

Additions to the Tax

and Compliance Requirements

Crimes, Other Offenses, and Forfeitures

Bookkeeping Regulations

Audit by Independent Certified Public Accountants

Inspection and Examination

Bookkeeping Forms

Administrative Provisions

Introduction

Local Taxing Power

Common Revenue-Raising Powers

Community Tax

Tax Ordinance

Collection of Taxes

Civil Remedies for Collection of Revenues

Taxpayers Remedies

Real Property Taxess

Local Taxation

Third Periodical Exams

Week 14

Week 15-16

Week 17

Week 18

4.

Books and References: The Law on Transfer and Business Taxation, 2013 Edition by Hector S. De Leon, et. al.

5.

Course Requirements/Components: Quizzes/Exercises; Periodical Exams; Other Components

6.

Grading System: Formula: FG = (0.33 x FPG) + (0.33 x SPG) + (0.34 x TPG)

Where: FPG is first periodical grade; SPG is second periodical grad; TPG is third periodical grade;

7.

Week 13

Contact Information:
Professor: __________________________
Mobile No.: ________________________
E-mai Address: ______________________

2
`This syllabus is standardized and the required syllabus for the CMA Department.