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TAXATION STUDY PLAN

May 2019 Exam Recap

1. The exam was composed of 15 theory and 55 problems. Strictly speaking,

the Test of Specification was not followed but close enough.

2. Most of the questions are original and practical. Most likely made by a tax
practitioner. There were around four theory questions from the review
centers.

3. Problems are comprehensive and combine tax concepts in one situational

problem. The usual combination is business tax and income tax, estate, and
donor’s tax.

4. Familiarity with commonly used BIR forms (especially BIR Form 1701A)
helped.

5. There were a few documentary stamp taxes (DST) questions (more than the
TOS). The usual pattern is to buy stocks and compute for the DST.

6. With the ongoing tax amnesties, there were a few questions on the
computation of surcharges and penalties.

7. Another topic of interest is: Taxation of economic zones, offshore banking

units and should be

8. The mix of TRAIN and old NIRC Law are reasonable.

9. VIP Premium iCPA Customers: The reconstructed May 2019 exam is now
in your inbox.

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180 - Hours Tax Study Plan

Number of Date Date Ended
TOPIC Hours Started
Principles of Taxation 5
Nature, scope, classification and essential characteristics 1
Principles of the tax system 1
Limitations on the power of taxation 1
Tax evasion vs. tax avoidance 1
Place of taxation 1

Tax remedies 12
Remedies of the government 3
Scope and prescriptive period 3
Administrative remedies 2
Judicial Actions 2
Additions to tax (surcharge, interest, compromise penalty) 2

Income Tax 64
Taxpayer and Tax Base 8
Gross Income 8
Deductions from Gross Income 8
Accounting Periods 8
Accounting Methods 8
Tax Return Preparation and Filing of Tax Payments 8
Withholding taxes 8
Compliance Requirements 8
Transfer taxes 48
Estate Tax 24
Donor’s Tax 24
VAT 24

Other taxes 22
Percentage tax 2
Excise tax 2
Documentary stamp tax 2
Local government taxation 2
Senior Citizens Law 2
Magna Carta for Disabled Persons 2
Special Economic Zone Act 2
Omnibus Investment Code 2
Barangay Micro Business Enterprises 2
Double Taxation Agreement 2
Tariff and Customs Code 2

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