This course is an in-depth study of business and transfer taxes and is a continuation of Income Taxation. It covers value-added tax schemes, local direct taxes including real estate and other property taxes, excise taxes, transfer taxes on gratuitous transfers of property which are estate tax and the donor’s tax, business taxes, and the remedies of the state and the taxpayer. On estate tax, the basic concept of succession gives the student an understanding of successional rights. Discussions on estate tax are on gross estate, deductions from the gross estate and computations for the net taxable estate, estate tax, and estate tax credit. On donor’s tax, basic concepts of donation blend into the discussion of gross gifts, deductions from the gross profits and computations of net taxable gifts, donor’s tax, and tax credit. On business taxes, the value-added tax, percentage taxes, Documentary Stamp Tax (DST) and excise taxes are discussed on who are the taxpayers, the tax base, and the tax rates. Community taxes on individuals and corporations, as required under the Local Government Code, are discussed.
- Teacher: CEMDS_Jun Nichole Villanueva