Taxation

This course aims to provide participants with a basic understanding of the Value-Added Tax Act and will benefit beginners as well as practitioners who need to update their knowledge on the fundamentals of taxation.

Course Outcomes:

• Determine the imposition of Value-Added Tax;
• Correctly determine the amount of Value-Added Tax payable by or refundable to a vendor;
• Establish what Gross income is;
• Determine which income is exempt from taxation;
• Determine the allowable deductions, capital allowances and recoupments in terms of the Income Tax Act;
• Determine the taxable income and tax due by a corporate taxpayer;
• Calculate Corporate provisional tax;
• Determine the taxable Capital Gains of a corporate taxpayer;
• Determine the taxable income and tax due by an individual taxpayer;
• Determine the taxable income and tax due by a partner in a partnership;
• Identify and calculate the effect of fringe benefits on the taxable income and tax liability of individual taxpayers;
• Identify retirement benefits and calculate the effect of these benefits on the taxable income and tax liability of individual taxpayers;
• Determine the remuneration subject to PAYE and correctly calculate the PAYE due;
• Calculate provisional tax due by an individual taxpayer;
• Determine the taxable Capital Gains of an individual taxpayer.

Course Content:

• Overview of the Value-Added Tax Act.
• Determining output and input tax.
• Performing Value-Added Tax calculations.
• Overview of the Income Tax Act.
• Gross income and Exempt income.
• Deductions, Capital allowances and recoupments.
• Corporate taxation.
• Revision of basic principles of the Income TaxAct.
• Determining the Taxable income and tax liability of individuals.
• Tax implications of fringe benefits.
• The taxation of retirement benefits.
• Employees tax.
• Provisional tax.
• Taxation of a partnership.