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Lecture 1 - Taxation CTRL 606 Prof Hassan Ouda Office No...

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1 Taxation CTRL 606 Prof. Hassan Ouda Office No.: B5.329 Office Hours: Tuesday 12:00-15:00. E-mail: [email protected]
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2 Taxation Lecture 1 Course Assessment: 15% Quizzes ( Best 2 out of 3). 10% Assignments ( best 2 out of 3). 5% Participation 30% Mid Term Exam. 40% Final Exam. 100% = Total
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3 Course Content and Textbook 1- Textbook: Tax Accounting (2)- Income Tax of Natural Persons Chapter 1: Framework of Tax. Chapter 2: Salaries and the Like. Chapter 3: Revenues of Non-Commercial Professions. Chapter 4: Revenues of Real Estate wealth. Chapter 5: Revenues of Commercial and industrial Activity.
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4 Course Content and Textbook 2- Textbook: Tax Accounting (3)- General Sales Tax (GST) Chapter 1: Framework of GST. Chapter 4: Determination of Taxable Value.
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5 Lecture-One Introduction to Tax Accounting
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6 Learning Objectives LO1: Define tax, taxpayer, incidence, jurisdiction. LO2 : Identify the structure of tax, in general and in Egypt.
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7 LO1 - Some Basic Terminologies - A Tax : is a compulsory payment to support the cost of government. A tax differs from a fine or penalty imposed by a government because a tax is not intended to deter or punish unacceptable behavior.
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8 LO1 - Some Basic Terminologies- Cont’d A Taxpayer : is any person or organization required by law to pay a tax to a governmental authority. The term person refers to both Natural Persons (e.g. individuals ) and Moral Persons (e.g. Corporations) Natural Persons Moral Persons 1. Individuals. 1. Partnerships. 2. The owners of 2. Corporations. a Sole Entity “ Sole proprietorship” Taxpayer
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9 LO1 - Some Basic Terminologies- Cont’d - Tax Incidence : An economic term for the division of a tax burden between buyers and sellers. Tax incidence reveals which group, the consumers or producers, will pay the price of a new tax. Tax incidence determines who is going to bear the ultimate economic burden of a tax. - Jurisdiction : is the right of a government to levy tax on a specific persons or organization.
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10 LO2: General Classification of Tax Structure Direct Taxes Direct taxes are imposed directly on incomes upon their acquisition. The burden of the tax payment lies on the taxpayer and can’t be shifted to another. The main forms of direct taxes are: 1. Individuals Income Tax.
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