Chapter 1: Features of taxation and the regulatory environment

What are the 3 major principles of good tax policy?

According to the Association of International Certified Professional Accountants, what are some of the 12 principles of a good tax policy?

Define direct and indirect taxes

What is a tax base?

What is incidence, how is it split?

what is a taxable person?

Define the following:

• Competent Jurisdiction

• Hypothecation

• Tax gap

What are the 3 types of tax rates? Define them

List some of the sources of tax rules. Explain them

When can income be taxed twice?

What is tax on trading income? What is the standard pr-forma?

What are capital taxes? What is the standard pro-forma?

What are property taxes and wealth taxes?

What are the 2 types of indirect tax?

What are excise duties (indirect)?

What are consumption taxes (indirect)?

What is cascade tax (indirect)?

What is VAT (indirect)?

Explain VAT registration

Define employee taxation

What are benefits-in-kind?

Explain employee expenses

Explain PAYE and its benefits

What is the standard pro-forma for calculating employee tax?

Entities need to keep records to satisfy tax requirements for the following taxes:

• Corporate income tax

• Sales tax

• Overseas subsidiaries

• Employee tax

• Tax return

• Minimum retention of records

• Payment of tax

Explain the powers of the tax authorities

What is tax avoidance?

What is tax evasion?