Module Overview

Overview of the tax system.

• Legislative framework
• Theoretical framework of taxation
• Role of taxation in the economy
• Direct and indirect taxes
• International aspects of taxation
• Returns, assessments and appeals. 
• Revenue audits procedures and penalties for non-compliance
• Obligations of taxpayers and their agents

 

Income Tax

• The scheduler system of income tax;
• The self-assessment system and Revenue Online System (ROS);
• Territorial scope of Income Tax
• Calculation of tax payable, including charges, reliefs and tax credits;
• The taxation of married persons;
• Taxation of business profits including “badges of trade”, adjustment of profit calculations, basis of assessment on commencement and cessation, capital allowances,  taxation of partnerships;
• Taxation of investment income including interest, dividends, rent and foreign profits
• Schedule E including PAYE system, basis of assessment, employed v self-employed, emoluments, valuation of benefits in kind and the taxation of termination payments
• Sub-contractors’ withholding tax and Professional Services Retention Tax
• Scope and calculation of Pay Related Social Insurance and Universal Social Charge for employed and self- employed
• Interaction between self- assessment system and PAYE system
• Relief for trading and other losses

 

Local property tax

• Scope and exemptions
• Administration, payment and deferral
• Valuation and computation

VAT

• Scope of VAT, rates which apply, exempt activities
• Administration of VAT system, including basis of accounting and payment and filing requirements
• Circumstances in which registration is required, voluntary registration
• Calculation of VAT liability, non-deductible inputs, partial exemption
• VAT on international transactions including treatment of intra-community supplies and acquisitions and exports and imports
• VAT groups

 

Capital Gains Tax

• Scope of capital gains tax / corporation tax on chargeable gains
• Territorial scope of CGT
• Treatment of chattels
• Shares and securities - rights issues and bonus issues, share for share takeovers
• Development land
• Exemptions and reliefs
• Treatment of losses, assets passing on death.
• Principal private residence relief
• Advanced business reliefs
• Favourable rate of CGT for entrepreneurs

 

Corporation Tax

• The basis of assessment
• Scope of charge to Corporation Tax
• Territorial scope of Corporation Tax
• Charges on Income
• Chargeable gains, principles, scope and basis of calculation
• Identification and application of relevant exemptions and reliefs
• Calculation of dividend withholding tax liability
• Self-assessment system – payment and filing dates
• Computations, calculation of tax payable
• Relief for trading losses and charges, restrictions on losses
• Corporation Tax loss groups and capital gains groups
• Group loss relief
• Inter-company transactions

Instruction will involve formal lectures and class discussion on a number of scenarios (commonly encountered in business) which present scope for problem solving and tax planning. Computations of liabilities under the various tax heads will be completed during class-time. Students may also engage is self-based learning by using recommended material from the Irish Taxation Institute Tax-Find Online facility and from other sources. In-class / online assessments will be used to facilitate assessment of student performance and feedback.

Module Content & Assessment
Assessment Breakdown	%
Formal Examination	80
Other Assessment(s)	20