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Comprehensive Examination 1 Taxation

The document outlines the topics that will be covered in the Comprehensive Examination 1 (COMEX1) for incoming third-year BS Accountancy students. The exam covers accounting, law, and taxation courses from the first two years and is divided into four subjects - Intermediate Accounting, Cost Accounting and Management, Income Taxation, and Business Law. Students must pass COMEX1 to continue in the BS Accountancy program, with a minimum passing rate of 65% overall and 50% in each subject. If a student fails, they can shift to the BS Accounting Information Systems program. The document then provides the syllabus that will be covered in the Income Taxation section of the exam.

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Alysa Sandra Hizon
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213 views

Comprehensive Examination 1 Taxation

The document outlines the topics that will be covered in the Comprehensive Examination 1 (COMEX1) for incoming third-year BS Accountancy students. The exam covers accounting, law, and taxation courses from the first two years and is divided into four subjects - Intermediate Accounting, Cost Accounting and Management, Income Taxation, and Business Law. Students must pass COMEX1 to continue in the BS Accountancy program, with a minimum passing rate of 65% overall and 50% in each subject. If a student fails, they can shift to the BS Accounting Information Systems program. The document then provides the syllabus that will be covered in the Income Taxation section of the exam.

Uploaded by

Alysa Sandra Hizon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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COMPREHENSIVE EXAMINATION 1 (COMEX1) OUTLINES

TAXATION
August 11, 2022 Thursday
2:00 PM – 5:00 PM

Comprehensive Examination 1
Comprehensive Examination 1 (COMEX1) is given to all incoming BS Accountancy third year students.
This covers all accounting, law and taxation courses required for first year and second year students in
the BSA curriculum. The exam is divided into four subjects: (1) Intermediate Accounting, (2) Cost
Accounting and Management, (3) Income Taxation, and (4) Business Law.
All students who passed the MQE and all the accounting, law and taxation courses of the second-year
curriculum are required to take and pass the COMEX1 to continue with the BS Accountancy program. The
passing rate for this examination is 65% average, with no score lower than 50% in any subject. If a
student failed the COMEX1, he or she will not be allowed to continue with the BS Accountancy program.
Students are encouraged to shift to BS Accounting Information Systems program. In BSAIS, they will be
accepted as regular students (provided they passed all the BSA first year and second year courses) and
all their courses will be credited.

Tax rates shall be provided in the examination when candidates are required to compute taxes.

The examination shall have seventy (70) multiple choice questions.

The syllabus for the subject is presented below.


1.0 PRINCIPLES OF TAXATION
1.1 Nature, scope, classification, and essential characteristics
1.2 Principles of sound tax system
1.3 Limitations on the power of taxation
1.4 Tax evasion vs. tax avoidance
1.5 Situs / place of taxation
1.6 Double taxation
1.7 Legislation of tax laws
1.8 Impact of taxes in nation building
1.9 Ethical tax compliance and administration
1.10 Organization of the Bureau of Internal Revenue, Bureau of Customs, Local Government Tax
Collecting Units, Board of Investments, Philippine Economic Zone Authority
2.0 TAX REMEDIES
2.1 Remedies of the government
2.1.1 Definition, scope, prescriptive period
2.1.2 Administrative remedies
2.1.3 Judicial actions
2.1.4 Additions to Tax (surcharge, interest, compromise penalty)
2.1.5 Other sanctions (criminal penalties, closure of business, collection of delinquent
taxes)
2.1.6 Powers of the Bureau of Internal Revenue
2.2 Remedies of the taxpayer
2.2.1 Definition, scope, prescriptive period
2.2.2 Taxpayers rights
2.2.3 Administrative remedies (protesting of assessment, recovery of excess or erroneously
paid
taxes, request for the compromise, abatement or refund or credit of taxes, request for rulings)
2.2.4 Judicial remedies
3.0 INCOME TAX
3.1 Taxpayer and tax base
3.1.1 Individuals
3.1.2 Corporations
3.1.3 Partnerships
3.1.4 Joint ventures
3.1.5 Estates and trusts
3.1.6 Co-ownerships
3.1.7 Tax exempt individuals and organizations
3.2 Gross income
3.2.1 Inclusions in the gross income
3.2.2 Exclusions/exemptions from gross income
3.2.3 Income from compensation
3.2.4 Income from business
3.2.5 Passive income subject to final withholding tax
3.2.6 Capital gains
3.3 Deductions from gross income
3.3.1 Itemized deductions
3.3.2 Items not deductible
3.3.3 Optional standard deduction
3.3.4 Deductions allowed under special laws
3.4 Accounting periods
3.5 Accounting methods
3.5.1 Reconciliation of income under PFRS and income under Tax Accounting
3.6 Tax return preparation and filing and tax payments
3.6.1 Manual filing
3.6.2 Electronic filing and E-submission
3.6.3 Large taxpayers and non-large taxpayers
3.6.4 Income tax credits
3.6.5 Venue and time of filing of tax returns
3.6.6 Venue and time of payment
3.6.7 Modes of payment
3.6.8 Use of tax tables
3.6.9 Accomplishing of various income tax returns and forms
3.7 Withholding taxes (at source, expanded or creditable withholding tax, final withholding taxes
and withholding tax on government payments)
3.7.1 Time of withholding
3.7.2 Income payments subject to withholding
3.7.3 Year end withholding of tax and requirements
3.7.4 Venue and time of filing of withholding tax returns
3.7.5 Venue and time of payment
3.7.6 Modes of payment
3.7.7 Time of payment
3.7.8 Use of tax tables and rates
3.7.9 Use of various withholding tax returns and forms
3.8 Compliance Requirements
3.8.1 Administrative requirements (registration, issuance of receipts, printing of receipts)
3.8.2 Attachments to the income tax return, including CPA certificate, per NIRC requirement
3.8.3 Keeping of books of accounts and records, including report of inventories
3.8.4 Prescriptive period of maintain books of accounts and other accounting records

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