Accounting
Approved course information last updated: 2 months, 3 weeks ago
Pre-requisites: ACC 201 ACC 214
Requisite To: None
Lab Session:
This is basically a foundation course in taxation and zakat. This includes the conceptual framework of taxation, differences between direct and indirect taxation, income taxes, sales taxes or vat, and taxes on consumption. The role of accounting in applying the tax legislation is also emphasized particularly on the process of tax inspection and determining tax declaration and liability. The second part of the course is an introduction to zakat principles and computation as a conceptual framework. Zakat for different types of institutions and legal entities is also incorporated in this section as practical cases of zakat computation.
- Lo1: recognize the conceptual and technical organization of taxation, differences between direct and indirect taxation, income taxes and taxes on consumption.
- Lo2: identify tax legislation, income capacity, tax levels, tax efforts, and the stability of taxes within the country.
- Lo3: distinguish tax evasion from tax planning, tax treaties and double taxation.
- Lo4: differentiate tax economic implications and the transfer of taxes.
- Lo5: determine the social role of levies and the macro effects of taxations.
- Lo5: calculate value added taxes and matters related to sales tax.
- Lo6: analyze conflicting issues of applying tax regulations such as income taxes declaration and disputes among tax authority and taxable entities.
- Lo7: basic awareness of kuwait taxes according to tax degree 3/1955 and all following resolutions.
- Lo8: well versed with zakat rulings, guidelines, and enforcement.
- Lo9: perform most zakat calculations and computing dues on eligible persons and entities.
- Lo10: compare between tax and zakat in terms of legislation, regulation, enforcement, and detailed resources.