| CODE | ACC3311 | ||||||||
| TITLE | Elements of Taxation | ||||||||
| UM LEVEL | 03 - Years 2, 3, 4 in Modular Undergraduate Course | ||||||||
| MQF LEVEL | 6 | ||||||||
| ECTS CREDITS | 4 | ||||||||
| DEPARTMENT | Accountancy | ||||||||
| DESCRIPTION | The study-unit is divided into two parts. The first part of the course provides a detailed analysis of the provisions of the VAT Act including the imposition of VAT, the distinction between the supply of goods and services and applicable exemptions. The second part of the study unit focuses on personal taxation in the Income Tax Act Cap 123, namely the jurisdiction to tax, taxation of individuals including the treatment of fringe benefits and part time rules. Study-Unit Aims: The unit seeks to provide students with a clear understanding of the application of VAT. Students at the end of the study-unit are able to understand the scope of VAT and solve problems related to local, intra-EU and third country transactions. This is achieved by providing students with a clear methodology on how to solve VAT related issues. The study-unit will also provide the practical application of the articles in the Income Tax Act dealing with personal taxation. At the end of the study-unit students will be able to perform a personal tax computation giving advice on the selection of rates to be chosen. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to: • Describe and understand the distinction between types of supply and place of supply and how this affects VAT liability; • Explain the salient provisions of the VAT Act and apply the provisions of the VAT Act to local, intra-EU and third country transactions; • Understand the right that a country has to tax individuals; • Understand and be in a position to explain the articles linked with personal taxation found in the Income Tax Act Cap 123. 2. Skills By the end of the study-unit the student will be able to: • Able to analyse transactions and assess the VAT implications arising and assess who is liable for VAT; • Perform a personal tax computation and give advice as to the selection of a joint or a separate tax computation. Reading List: - Value Added Tax Act, Chapter 406 of the Laws of Malta; - Income Tax Act, Chapter 123 of the Laws of Malta; - Income Tax Management Act, Chapter 372 of the Laws of Malta. |
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| ADDITIONAL NOTES | Offered only to B. Commerce Year 3 students with Accountancy stream. | ||||||||
| STUDY-UNIT TYPE | Lecture | ||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Carmel Said Formosa Ann Xuereb |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2023/4. It may be subject to change in subsequent years. |
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