FAR EASTERN UNIVERSITY INSTITUTE OF ACCOUNTS, BUSINESS BUSINESS AND FINANCE Department of Accountancy & Internal Au!t!n" Far Ea#tern Un!$er#!ty V!#!on %u!e y t'e core $alue# of Fort!tue, E(cellence an Upr!"'tne##, Far Ea#tern Un!$er#!ty a!m# to e a un!$er#!ty of c'o!ce !n A#!a )!##!on Comm!tte to t'e '!"'e#t !ntellectual, moral an cultural #tanar#, !t #tr!$e# to prouce pr!nc!ple an competent "rauate#* It nurture# a #er$!ce+or!ente an en$!ronment con#c!ou# commun!ty '!c' #ee-# to contr!ute to t'e a$ancement of t'e "loal #oc!ety* #oc!ety* .ual!ty /ol!cy Far Ea#tern Un!$er#!ty !# comm!tte to pro$!!n" 0ual!ty eucat!onal #er$!ce#* Eac' per#on !# e(pecte to o t'e 1o r!"'t t'e 2r#t t!me !t' t'e !ntent!on of con#!#tently #at!#fy!n" t'e re0u!rement of our #tuent#, ot'er memer# of FEU commun!ty, commun!ty, an e(ternal part!e#* Uner any "!$en c!rcum#tance# e #'all a'ere to all t'e re0u!rement# an #tanar# for cont!nuou# !mpro$ement an e3ect!$ene## of t'e 0ual!ty mana"ement #y#tem#* In#t!tute of Account#, Bu#!ne## an F!nance V!#!on Far Ea#tern Un!$er#!ty 4 In#t!tute of Account#, Bu#!ne## an F!nance 5IABF6 en$!#!on# !t#elf to e t'e preferre u#!ne## #c'ool !n A#!a* )!##!on T'e In#t!tute of Account#, Bu#!ne## an F!nance !# comm!tte to prouce pr!nc!ple an competent u#!ne## "rauate#, e#pou#!n" Fort!tue, Fort!tue, E(cellence an Upr!"'tne##* IABF !ll promote commun!ty commun!ty en"a"e, #er$!ce+ #er$!ce+ or!ente !n!$!ual# 'o !ll #'ape an u!l #tron" or"an!7at!on !n t'e future* COURSE OUT8INE AND TI)E FRA)E Cour#e Cour#e Cour#e Cour#e
Coe T!tle Cre!t /rere0u!#!te#
9 9 9 9
Faculty e+ma!l Are## Day:T!me:Room
BUS & TRN Business and Transfer Tax 3 units Fundamentals of Accounting, Part 2
9 9 9
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A*
COURSE DESCRI/TION 9 This course deals ith the fundamentals of !usiness organi"ations and management# The theories and $rinci$les of organi"ation and
%t is a threeunit course is $rimaril' concerned ith the !usiness and transfer taxation# The o!(ecti)e is to de)elo$ a or*ing *noledge of the !asic $rinci$les and rules of the transfer and !usiness tax s'stem as these a$$l' to certain t'$es of tax$a'ers# %t co)ers an o)er)ie of the !asic succession, the estate and donor+s taxes, hich aims to $ro)ide the students ith *noledge of the conce$t of dis$osition or con)e'ance of $ro$ert' through succession and donation# n the other hand, the !usiness taxes co)er the consolidated )alue added tax and $ercentage taxes onl' as these relate to the engagement in trade or !usiness or the $ractice of $rofession# Tax forms are $ro)ided for s$eci-c to$ics discussed#
B*
COURSE OUTCO)ES
At the end of this course, the learner is ex$ected to. /# recogni"e the !asic $rinci$les and conce$ts of the transfer tax s'stem0 2# descri!e the $ro)isions of the la, rules and regulations go)erning estate and donor+s tax and the !usiness taxes for indi)idual and nonindi)idual tax$a'ers in general0 3# discuss the characteristics of succession and donation0 1# demonstrate aareness of the nature of the estate and donor+s taxes and the !usiness taxes0 # com$l' ith the re$ortorial reuirements of the a$$ro$riate go)ernment agencies0 4# relate the di5erent tax rates on each taxa!le estate or donation0 6# manage the -ling of the $rescri!ed B%R forms or returns0 <* o!ser)e the $rescri!ed $eriods and deadlines in the -ling of the returns and $a'ment of taxes0 and =* exem$lif' fortitude, excellence and u$rightness through $ro$er re$orting of gross estate7donation and7or alloa!le deductions and $a'ment of the correct taxes#
>ee-
?
Top!c
8ourse rientation and Policies, Standards, 9uidelines :PS9;
@+
/lanne Act!$!t!e#
Basic Succession A# lements of Succession ># ?eirs F#@egitime and Free Portion 9# Ta!le of @egitimes
+
+
?# Testac' and %ntestac' %# rder of %ntestate Succession # state taxes :RR 22EE3; a# 8once$t and Nature of >state Tax !# 8lassi-cation of
a# !# e# f#
g# h# i# (# *# l# m# n# o#
8a$ital of sur)i)ing s$ouse 8once$t and Nature of xem$tion of certain acuisitions and transmissions Tax credit for estate tax $aid to a foreign countr' Notice of
Dui" 8ase stud' Pre$aration and su!mission of notarial ill
CODA8 REFERENCE9 Sections 1 to G6 of the National %nternal Re)enue 8ode
+< =+?G
/RE8I)INARY EA)INATIONS B#
f# g# h# i# (# *# l#
9ross gift xem$tion of certain gifts Basis of )aluation of gifts Hoid
??+?@
donation and the Tax 8ode $ro)isions on donor+s tax Dui" Pre$arati on of a$$lica!l e B%R Forms
)IDTER) EA)INATIONS %%%#
BUS%N>SS TAI 8once$t of Business Tax :)er)ie;
? T'$es of Business Taxes
?+? A# Halue Added Tax :RR /42EE, 22EE6, 1 2EE6; a# HAT su!(ect transactions !# Sale of goods or $ro$erties :actual sales, deemed sales, "ero rated sales; c# Sale of ser)ices and lease of $ro$erties :actual sales or lease, "ero rated sales; d# %m$ortation e# HAT exem$t transactions i# Senior 8iti"en f# %n$ut )alue added taxes g# Passedon HAT h# Transitional HAT in$ut i# Presum$ti)e HAT in$ut (# ithholding HAT :credita!le and -nal; *# >xcess HAT in$ut in $re)ious return l# Refund of HAT in$ut :"ero rated sales, $urchase of land and ca$ital goods; m# 5ect of NonRegistration $# $tional registration # 8ancellation of registration r# 8om$liance reuirements i# %n)oicing ii# Returns and $a'ment of )alue added tax iii# Poer of the 8ommissioner to sus$end !usiness i)# 8onseuences of erroneous
issuance of HAT oJcial recei$t7in)oice
CODA8 REFERENCE9 Sections /E to // of the National %nternal Re)enue 8ode
?
?+?<
B# Percentage Taxes a# Tax$a'er, tax !ase and tax rates !# Tax on $ersons exem$t from )alue added tax :annual gross sales or recei$ts do not exceed Ph$ /,G/G,EE#EE; c# Tax on domestic carrier or international carrier :including exem$tions d# Tax on franchise e# )erseas communications tax :including exem$tions; f# Tax on !an*s and non!an* -nancial intermediaries $erforming uasi !an*ing functions g# Tax on other non!an* -nancial intermediaries h# Tax on life insurance i# Tax on agents of foreign insurance com$anies (# Amusement taxes *# Tax on innings l# Stoc* transaction tax m# Returns and $a'ment of $ercentage tax :regular and electronic -ling;
Pre$aration of a$$lica!le B%R Forms
CODA8 REFERENCE9 Sections //4 to /2 of the National %nternal Re)enue 8ode 8# Additions to Tax a# Surcharges :late -ling7$a'ment, rong )enue, illful neglect, false or fraudulent returns; !# %nterests :on de-cienc', on delinuenc', on extended $a'ments; c# 8om$romise $enalties, amount to !e s$eci-ed in the $ro!lem
CODA8 REFERENCE9 Sections 216 to 22 of the National %nternal Re)enue 8ode <# Tax Remedies a# Remedies of the go)ernment !#
d#
e# f# g# h# i# (#
%H#
i# tax lien ii# com$romise iii# le)' i)# distraint udicial actions i# ci)il ii# criminal Remedies of the tax$a'er Prescri$ti)e $eriods ai)er of statute of limitations Against an assessment :$rotest, reuest for rein)estigation; A$$eal Reuest for refund or credit of taxes :reco)er' of erroneousl' or illegall' collected taxes, forfeiture of cash refund and tax credit;
CODA8 REFERENCE9 Sections 2E2 to 2/E, 2/6 to 221, 22 to 23E of the N%R8 Poers and Authorit' of the 8ommissioner of %nternal Re)enue A# Poer to %nter$ret Tax @as and to xclusi)e and riginal urisdiction 2# >xclusi)e A$$ellate urisdiction B# Poer to !tain %nformation, and to Summon7>xamine, and Ta*e Testimon' of Persons /# To >xamine Boo*s, Pa$er, Records 2# To !tain %nformation From An' Person 3# To Summon the Person @ia!le or An' ther Person a# Su! Poena nforcement /# To >xamine Returns and )idence !taina!le
No# /2E/3
3# To 8onduct %n)entor'ta*ing, Sur)eillance and to Prescri!e Presum$ti)e 9ross Sales and Recei$ts 1# To Terminate Taxa!le Period # To Prescri!e Real Pro$ert' Halues 4# To %nuire into Ban* xce$tion. Poers That 8annot Be
CODA8 REFERENCE9 Sections 1 to 6 of the National %nternal Re)enue 8ode A<<%T%NA@ R>A<%N9. A# 8ommunit' Tax :com$utation of !asic, additional and o$tional communit' tax for indi)iduals and cor$orations and the maximum amount due; a# 8once$t and Nature of 8ommunit' Tax !# 8lassi-cation of Tax$a'ers Su!(ect to 8ommunit' Tax c# %ndi)iduals >xem$ted from 8ommunit' Tax d# 8om$onents of 8ommunit' Tax e# Basic Amount f# Additional and $tional 8ommunit' Tax g# Penalties B# >x$anded urisdiction of the 8ourt of Tax A$$eals :limited to (urisdiction;
FINA8 EA)INATION SUB)ISSION OF REF8ECTION ESSAY C* RE.UIRED READIN% 5TETBOOH6 Rex B# Banggaan :2E/;# Business and Transfer Taxation. Baguio 8it'. Real >xcellence Pu!lishing D* SU%%ESTED READIN%S AND REFERENCES >nrico Ta!ag and >arl 9arcia :2E/1;# Transfer and Business Taxation # Canila. 9ood din Halencia and 9regorio Roxas :2E/32E/1;# Transfer and Business Taxation # Baguio 8it'. Halencia >ducational Su$$l' Nic* Aduana :2E/2;# Transfer and Business Taxation. Canila. 8 & > Pu!lishing ?ector de @eon :2E/3;# Transfer and Business Taxation # Canila. Rex Printing 8om$an' %nc# National Internal Revenue Code (Codal) Canila. Rex Printing 8om$an' %nc# F* COURSE RE.UIRE)ENTS /# 2# 3# 1# # 4# 6#
Assignments Attendance 8lass Partici$ation Dui""es Preliminar' >xam K Cidterm >xamination K Final >xamination K
%* EVA8UATION AND %RADIN% SYSTE) ?* CO)/UTATION OF /ERIODIC %RADES C8ASS STANDIN% Average Quizzes (AQ) Class arti!i"ation (C) )AJOR EA)INATION ($x&$x'$x) TOTA8 @*
*
*
*
G*GG 60% #0%
G*GG ?GG*GG
CO)/UTATION OF ?ST /RE8I)INARY %RADE 5?ST /%6 /ST P9 L MAD :4EO; 8P :1EO;Q EO P>x :EO;Q CO)/UTATION OF @ND /RE8I)INARY %RADE 5@ND /%6 AND )IDTER) %RADE 5)%6 2N< P9 L MAD :4EO; 8P :1EO;Q EO C>x :EO;Q C9 L /ST P9 :/73; 2N< P9 :273; CO)/UTATION OF RD /RE8I)INARY %RADE 5RD /%6 AND FINA8 %RADE 5F%6 3R< P9 L MAD :4EO; 8P :1EO;Q EO F>x :EO;Q F9 L C9 :/73; 3R< P9 :273; TRANS)UTATION OF FINA8 %RADE 5F%6
O8D %RADIN% SYSTE) /OINT DESCRI/TIVE FINA8 %RADE SYSTE) E.UIVA8ENT G1#E K /EE#EE /#EE Su$erior G/#E K G1#1E /#2 G#E K G/#1E /#E Her' 9ood 6#E K G#1E /#6 1#E K 6#1E 2#EE 9ood /#E K 1#1E 2#2 6G#E K /#1E 2#E Fair 66#E K 6G#1E 2#6 6#EE K 66#1E 3#EE Barel' Satisfactor' Belo 6#EE #EE Failure NE> %RADIN% SYSTE) 8ETTER FINA8 %RADE .UA8ITY /OINT %RADE G#E K /EE#EE A 1#E G/#E K G#1E B 3# #E K G/#1E B 3#E 1#E K #1E 8 2# /#E K 1#1E 8 2#E 66#E K /#1E < /# 6#EE K 66#1E < /#E Belo 6#EE F E#E
K* C8ASSROO) /O8ICIES /ol!cy on Attenance There are no excused a!sences# According to the rules of the 8ommission on ?igher >ducation, e)er' student is reuired to attend no less than EO of all class $eriods in a gi)en su!(ect to earn the corres$onding units# Tent' $ercent :2EO; of the $eriods are deemed more than suJcient to ta*e care of emergencies such as illness or death in the famil', and similar circumstances# Students are reuired to attend class $unctuall' and regularl'# A student ho a!sents himself due to illness must su!mit a $h'sician+s certi-cation of his illness, or if a!sent for some reasons, he must $resent an excuse letter from his $arents or guardian# An' student ho accumulates more than the maximum num!er of a!sences tolerated in a gi)en su!(ect disuali-es himself from earning an' unit of it, and causes himself to !e dro$$ed automaticall' from the classes ith a -nal mar* of #EE :Failure;#
/ol!cy on Acaem!c Inte"r!ty
Anchored on the core )alues of Fortitude, >xcellence and U$rightness, Far >astern Uni)ersit' :F>U; !elie)es that its students, administration, facult' and sta5 should demonstrate academic integrit' at all times# Academic integrit' means that the mem!ers of the entire academic communit' adhere to the fundamental )alues of honest', hard or*, originalit', res$ect and res$onsi!ilit'# F>U students are ex$ected to ala's adhere to the highest standards of academic excellence# F>U students are ex$ected to demonstrate !eliefs, attitudes and !eha)iour s associated ith academic honest'# Thus, all acts of academic dishonest' in F>U are not tolerated# Academic dishonest' comes largel' in to forms. cheating and $lagiarism# %t is considered a ma(or o5ense su!(ect to disci$linar' actions if students cheat or $lagiari"e their or*#
C'eat!n" is !roadl' de-ned as getting unauthori"ed hel$ on an assignment, ui" or examination# The folloing are considered as acts of cheating. 8o$'ing from another student during a test or examination, ith or ithout his7her *noledge0 Alloing another student to co$' his7her or*0 Using un$ermitted notes during a test or examination0 ?a)ing in one+s $ossession ritten notes or electronic de)ices during a test or examination0 9etting uestions or ansers from someone else ho has alread' ta*en a test or examination0 Turning in or* done !' someone else0 Ta*ing a test or examination for another student0 riting or $ro)iding an assignment for another student# /la"!ar!#m is another form of academic dishonest'# All F>U students are ex$ected to turn in or* that is a $roduct of their on e5orts, stud' and research# Thus, co$'ing or* of others :in hole or in $art; and claiming it as one+s on is considered an act of $lagiarism# A or* is also $lagiari"ed if the student did not $ro$erl' cite or ac*noledge the sources or references for his7her or*# ne must remem!er that $lagiarism is identi-ed not through !ntent !ut through the act itself# The folloing are considered acts of $lagiarism. Re$eating someone else+s ords )er!atim ithout ac*noledgement0 Presenting someone else+s ideas ithout ac*noledgement0 Para$hrasing, translating, or summari"ing someone else+s ideas ithout ac*noledgement0 %m$ro$erl' ac*noledging of sources, as ith incom$lete7im$recise documentation0 ?a)ing one+s or* done !' someone else or ha)ing one+s or* su!stantiall' re)ised !' someone else# /ol!cy on Non+Sol!c!tat!on of Fun# All oJcial fees of the Uni)ersit' are collected through the 8ash
I* CONSU8TATION KOURS A facult' mem!er must !e a)aila!le for at least one :/; hour $er ee* for consultation# Areas of concern for consultation shall !e limited to academic matters#
DAY:S
Pre$ared !'.
TI)E
ROO) Facult' 8onsultation Room
Re)ieed !'.
)R* VICENTE C* %UDANI Assistant Program ?ead, %nstruction
)R* RA)I8 N* BA8DRES Program ?ead, %nternal Auditing
Re)ieed !'.
Noted !'.
)R* EAR8 JOSE/K )* BOR%ONA Program ?ead, Accountanc'
)R* %ERA8D 8* VI88AR Associate
