Learning outcome

After successfully completing the course, the candidate will have achieved the following learning outcomes defined in terms of knowledge, skills and general competence.

The candidate has knowledge of / can:

• Taxation regulations (including, value added tax) related to commercial activities and companies
• Taxation regulations related to the cessation of operations and liquidation of companies
• Rules for calculating employer’s contributions
• The main rules regarding income and wealth taxation for individual taxpayers
• Rules regarding transactions and activities regarding ownership and equity that may be liable to taxation
• Calculation of assets with respect to unlisted shares and shares in limited liability companies
• Rules concerning deduction of taxes payable
• The general principles for calculating the taxable input value of assets received as gifts or inheritance
• Tax planning and ethical reflections
• Basic tax administration law and tax payment
• Rules concerning severability
• Determination of taxable income, deductible expenses and correct calculation of dating of items for calculation of ordinary income in commercial activities (EPF, AS and ANS)
• Calculation of tax costs, payable taxes and deferred tax for limited companies
• Determination of the basis of the taxation of shareholders (shareholder model and exemption method), participants in partnerships (participant model) and holder of a sole proprietorship (enterprise model)
• Process taxation consequences of conversion from EPF to AS
• Evaluation of tax consequences in the case of acquisitions
• Evaluation of a company’s VAT
• Process VAT costs in relation to ordinary transactions
• The use of legal methods in relation to case-processing of tax issues
• Update and acquire new knowledge in tax laws and other legal areas that are important for accounting and auditing
• Communicate central subject matter using the relevant forms of expression
• Exchange views and experiences with other professionals and contribute to developing good practice
• Reflect on ethical issues in relation to the course’s topics
• View the course in a broader societal perspective

Course Description

The course covers:

• Income taxation of individual taxpayers, including the taxpayer, tax municipality, personal income, ordinary income and asset base
• Principal rules for determining the input value for the recipient of gifts or inheritance
• Determination of the basis of taxation of shareholders, participants in companies and owners of sole proprietorships
• Main taxation rules (including value added tax) related to commercial activities and companies
• Taxable income, deductible expenses and the dating of these in the calculation of ordinary income in business activities (sole proprietorship, participant companies and limited companies)
• Calculation of taxes, current and deferred taxes for limited companies
• Rules for deductions in taxes payable
• Calculation of asset values ​​of unlisted shares and shares in partnerships
• Basic equation administrative law, tax payment and employer’s contributions
• Assessing a company’s VAT
• Calculation and processing of VAT on common transactions
• Assessment of tax consequences in the case of acquisitions
• Conversion of sole proprietorship into a limited company
• Transactions and activities concerning ownership and equity, and equity that can result in taxation
• Taxation consequences regarding the cessation of operations and liquidation of company
• Tax planning and ethical reflections
• Basic tax administration law, tax payment and calculation of
• Main rules with regard to severability

Teaching and Learning Methods

Review of:

• Relevant laws, related regulations and parliamentary resolutions
• Theoretical notes regarding relevant issues
• Examples and exercises concerning questions focusing on tax laws

Assessment Methods

• Written examination, 6 hours, graded mark
• Work requirements, mandatory assignments that must be approved in order for the student to take the written examination

In ordered to qualify as a registered public accountant candidates must achieve a grade of C or better.

Minor adjustments may occur during the academic year, subject to the decision of the Dean