AC4251 Taxation and Tax Planning

Part I Course Duration : One Semester Credit Units : 3 Level: B4 Medium of Instruction: English Prerequisite(s) : FB2100 Accounting I or CB2100 Accounting I Precursors(s) : Nil Equivalent Course(s) : Nil Exclusive Course(s) : AC4251A Taxation and Tax Planning Part II Course Aims: This course aims to: describe the Hong Kong tax system; provide students with knowledge of property tax, salaries tax, profits tax, tax depreciation allowance, personal assessment and tax administration; develop students’ analytical ability to solve technical tax problems in a systematic way; prepare students so that they can demonstrate generic skills in interpersonal interaction with others, working individually and in team situations; develop students’ ethical outlook and sense of professional integrity when dealing with tax related issues. Course Intended Learning Outcomes (CILOs) Upon successful completion of this course, students should be able to: No. CILOs Weighting (if applicable) (1 = most important, 2 = secondary importance, 3 = least important) 1. DESCRIBE the law and practice of Hong Kong tax, including source of tax law and Inland Revenue practices. 1 2. DESCRIBE and EXPLAIN the law, principles and practices of Hong Kong property tax, salaries tax and profits tax, tax depreciation allowance, personal assessment and tax administration. 1 3. APPLY the tax principles to practical business situations 1 4. DEMONSTRATE technical competence in various areas of Hong Kong taxation, including property tax, salaries tax, profits tax, tax administration. 1 5. COMMUNICATE effectively in verbal, written and electronic formats 2 6. DESCRIBE the basic principles and ethical requirements of tax practice 1 Teaching and Learning Activities (TLAs) (Indicative of likely activities and tasks designed to facilitate students’ achievement of the CILOs. Final details will be provided to students in their first week of attendance in this course) CILO No. TLAS Hours/week (if applicable) CILO 1 CILO 2 CILO 3 CILO 4 CILO 5 CILO 6 TLA1: Brief lectures to illustrate and explain important concepts. The discussion shall be supplemented by hypothetical and real life situational examples. TLA2: In-class learning activities are problems designed and used for illustration purposes. Students are encouraged to solve these problems. Lecturer will provide guidance to students in problem solving. TLA3: Group/Individual project(s): Students will complete one or two group/individual project(s) related to case studies that synthesize the tax topics covered.* *DEC TLA element TLA1: 1.5-2.0 hours TLA2: 1.0-1.5 hours TLA3: 12-18 hours in semester. Assessment Tasks/Activities (Indicative of likely activities and tasks designed to assess how well the students achieve the CILOs. Final details will be provided to students in their first week of attendance in this course) CILO No. Type of Assessment Tasks/Activities Weighting (if applicable) Remarks CILO 1 CILO 2 CILO 3 CILO 4 CILO 5 CILO 6 AT1, AT2, AT3 and AT4  Examination: (a 3-hour examination) AT1 Final Examination (50%): A written comprehensive examination to assess students’ competence level of the topics. Coursework: 50% AT2 Test (20-25%): A 2-hour mid-semester test to assess of students’ competence level of the topics. The format and level of difficulty of tests will be similar to those of the final examination. AT3 Class Participation (5-10%): Students will attempt short problems in small groups during class, and demonstrate the solutions to problems. They will give answers to questions raised by course lecturer. Class participation will be assessed based on student effort rather than correctness. AT4 Group/Individual Project(s) (20%): Students will be assigned one or two group/individual project(s) on case studies. They will be required to present the main issues and give solutions to the cases.* * DEC AT Element. Students are required to pass both coursework and examination components in order to pass the course. Grading of Student Achievement :Refer to Grading of Courses in the Academic Regulations CILO No. Excellent A+ A A- Good B+ B B- Adequate C+ C C- Marginal D CILO 1 Demonstrate an excellent understanding to identify the different sources of law and practices affecting the levy of tax in Hong Kong; and describe the characteristics of Hong Kong taxation system. Demonstrate a good understanding to identify the different sources of law and practices affecting the levy of tax in Hong Kong; and describe the characteristics of Hong Kong taxation system. Demonstrate an adequate understanding to identify the different sources of law and practices affecting the levy of tax in Hong Kong; and describe the characteristics of Hong Kong taxation system. Demonstrate basic understanding to identify the different sources of law and practices affecting the levy of tax in Hong Kong; and describe the characteristics of Hong Kong taxation system. CILO 2 Demonstrate an excellent understanding to identify and explain the relevant tax issues based upon the law, principles and practices of Hong Kong property tax, salaries tax, profits tax, tax depreciation allowances, personal assessment and tax administration. Demonstrate a good understanding to identify and explain the relevant tax issues based upon the law, principles and practices of Hong Kong property tax, salaries tax, profits tax, tax depreciation allowances, personal assessment and tax administration. Demonstrate an adequate understanding to identify and explain the relevant tax issues based upon the law, principles and practices of Hong Kong property tax, salaries tax, profits tax, tax depreciation allowances, personal assessment and tax administration. Demonstrate basic understanding to identify and explain the relevant tax issues based upon the law, principles and practices of Hong Kong property tax, salaries tax, profits tax, tax depreciation allowances, personal assessment and tax administration. CILO 3 Identify and analyze all types of business information relevant for forming solutions and/or tax advice; explain and apply various tax principles to business situations. Identify and analyze most types of business information relevant for forming solutions and/or tax advice; explain and apply various tax principles to business situations. Identify and analyze some types of business information relevant for forming solutions and/or tax advice; explain and apply various tax principles to business situations. Identify a few types of business information relevant for forming solutions and/or tax advice; explain and apply various tax principles to business situations. CILO 4 Demonstrate an excellent practical knowledge of analyzing and interpreting income, expenditure and other relevant information to form solutions and/or make constructive tax advice with regard to income taxes and tax administrative matters in Hong Kong. Demonstrate a good practical knowledge of analyzing and interpreting income, expenditure and other relevant information to form solutions and/or make constructive tax advice with regard to income taxes and tax administrative matters in Hong Kong. Demonstrate an adequate practical knowledge of analyzing income, expenditure and other relevant information to form solutions and/or make constructive tax advice with regard to income taxes and tax administrative matters in Hong Kong. Demonstrate basic practical knowledge of analyzing income, expenditure and other relevant information to form solutions and/or make constructive tax advice with regard to income taxes and tax administrative matters in Hong Kong. CILO 5 Demonstrate an excellent understanding of the subject and all the arguments are well articulated and well organized in terms of verbal presentation and report writing skills. Demonstrate a good understanding of the subject and most of the arguments are sufficiently explained and properly organized in terms of verbal presentation and report writing skills. Demonstrate an adequate understanding of the subject and the main arguments are explained and organized in terms of verbal presentation and report writing skills. Demonstrate basic understanding of the subject and there was an attempt shown to explain and organize the relevant arguments in terms of verbal presentation and report writing skills. CILO 6 Demonstrate an excellent understanding of principles and ethical requirements of tax practice and tax related matters. Demonstrate a good understanding of principles and ethical requirements of tax practice and tax related matters. Demonstrate an adequate understanding of principles and ethical requirements of tax practice and tax related matters. Demonstrate a basic understanding of principles and ethical requirements of tax practice and tax related matters. Part III Keyword Syllabus: Hong Kong tax, Property tax, Salaries Tax, Profits Tax, Depreciation allowances, Personal assessment, Returns and information, Assessments of tax, Tax administration, Ethics in tax practice.