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Value Added Tax

The document outlines the module 'Value Added Tax' under the Bachelor of Commerce (Taxation) program, detailing its aims, intended learning outcomes, and content coverage. Students will learn about the concept, legal basis, and implications of Value Added Tax, along with practical skills in tax computation and compliance. Assessment consists of coursework and examinations, with prescribed readings to support learning.

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9 views4 pages

Value Added Tax

The document outlines the module 'Value Added Tax' under the Bachelor of Commerce (Taxation) program, detailing its aims, intended learning outcomes, and content coverage. Students will learn about the concept, legal basis, and implications of Value Added Tax, along with practical skills in tax computation and compliance. Assessment consists of coursework and examinations, with prescribed readings to support learning.

Uploaded by

anackletmwadula8
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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1.

Faculty/School of Business and Economic Sciences


2. Department Accountancy and Finance
3. Programme Bachelor of Commerce (Taxation)
4. Module Title Value Added Tax
5. Module Code ACC-VAT-221
6. Level 1
7. Credits 10
8. Revised After 5 years
9. Approval Date

10. Prerequisites
None

11. Co-requisites
None

12. Module Aims


To equip learners with knowledge and skill for creating a conceptual framework for analysing
risk and making decisions in a corporate setting

13. Intended Learning Outcomes


Upon successful completion of this module, students should be able to:
(a) Explain the concept of Value Added Tax
(b) Discuss the legal basis
(c) Analyse the reasons for introducing Value Added Tax
(d) Evaluate tax returns, records and assessments
(e) Compute Value Added Tax for different contexts
(f) Critically evaluate the implications of non-compliance

14. Indicative Content


a) Value added tax
(i) Definition
(ii) Legal Basis
(iii)History of VAT
(iv) Ring system
(v) Credit system

b) Taxable and exempt supplies


i. Taxable supplies
➢
ii. Exempt supplies

a) Taxable person
i. Registration
ii. Cancellation of registration

b) Supply of goods and services


i. Supply of goods
ii. Supply of services
iii. Mixed supply
iv. Supply by agent

c) Time and place of supply


(i) Time of supply
(ii) Place of supply
(iii)Issue of an invoice (tax invoice)

d) Taxable value
(i) On imported goods
(ii) Locally manufactured goods
(iii)Adjustments

e) Deduction of input tax


i. Credit for deductible input tax
ii. Deductible tax for mixed taxable and exempt supplies
iii. Refunds

f) Tax returns, records and assessments


i. Submission of Returns and date of payment of VAT
ii. Records to be kept
iii. Assessment and correction of return.

g) Recovery of due vat – correction and enforcement


i. Recovery of VAT
ii. Interest on outstanding VAT
iii. Garnishment
iv. Distraint for liability
v. Recovery in respect of a person under liquidation

h) Objection and appeals


i. To the decision of an officer
ii. To the decisions of Commissioner General
iii. To lower court’s decision

i) Offences and penalties


i. Failure to register
ii. Failure to issue tax invoice/EFD receipts
iii. False or misleading statement
iv. Falsification and alteration of documents
v. Evasion of value added tax payment
vi. Failure to maintain proper records
vii. Obstruction of officer of the authority
viii. Offences relating to officers

j) Special schemes
i. Retail scheme
ii. Tour operators margin scheme
iii. Second hand margin scheme

k) Unique services
i. Financial services
ii. Imported Services
iii. Construction
iv. CASINO operators, Lotteries

15. Assessment
Course work: 40%
Examinations 60%

16. Teaching and Learning Methods / Activities


Lectures and Tutorials, Group work, Assignments, Online instruction and materials, Self study

17. Prescribed Reading Lists


Schenk, A. (2015).Value Added Tax: A comparative approach(2nded.).Cambridge: Cambridge
University Press.

Value Added Tax Act 2005 (Mw.).

Tax Administration Act 2019 (Mw)

Recommended Resources
Keen, M., & Lockwood, B. (2010). The value added tax: Its causes and consequences. Journal
of Development Economics, 92(2), 138-151.

James, K. (2015). The rise of value added tax. Cambridge: Cambridge University Press.

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