AC207-Principles of Tax

Module Provider: Business Informatics, Systems and Accounting
Number of credits: 20 [10 ECTS credits]
Level:5
Terms in which taught: Spring term module
Pre-requisites: AC110 Introduction to Accounting
Non-modular pre-requisites:
Co-requisites: AC110 Introduction to Accounting
Modules excluded: AC108 Principles of Taxation or AC221 Personal Tax or AC319 Business Tax
Current from: 2023/4

Module Convenor: Mrs Clare Bentata
Email: clare.bentata@henley.ac.uk

Type of module:

Summary module description:

This module introduces students to the main areas of Malaysia taxes, including income tax for individuals and companies, real property gains tax, sales tax, service tax and the ethical issues related to tax advisory work.

This module is delivered at the University of Reading Malaysia.

Aims:

To enable students to understand the general objectives of tax and to calculate income tax for individuals and companies, real property gains tax, sales tax and service tax in given scenarios. Students will also consider the regulatory and ethical frameworks surrounding tax work carried out in Malaysia.

Students will understand the basics of the Malaysia tax system as required by professional accountants and gain relevant practical knowledge for running a business.

Assessable learning outcomes:

By the end of the module it is expected that students will be able to:

1. Explain the operation and scope of the tax system and the general obligations of taxpayers, taxable person, employers and/or their agents and their implications of non-compliance.


2. Recognise the ethical issues arising in the course of performing tax work.


3. Explain and compute tax liabilities of individuals.


4. Explain and compute tax liabilities of companies.


5. Explain and compute real property gains tax.


6. Explain and compute sales tax.


7. Explain and compute service tax.


8. Apply planning techniques for individual and companies.


9. Identify the compliance issues for each major tax through a variety of business and personal scenarios and situations.


10. Discuss contemporary issues relating to new tax policies, if any.

Additional outcomes:

The module also aims to encourage the development of oral communication skills and the students’ effectiveness in group situations. Structured activities are designed to develop independent learning, including reflective, adaptive and collaborative learning.

Outline content:

1. The Malaysian tax system and its administration.


2. Income Tax liabilities (individuals)


3. Income Tax Liabilities (companies)


4. Real Property Gains Tax


5. Sales Tax


6. Service Tax


7. Contemporary issues relating to relating to new tax policies in Malaysia, if any.?

Brief description of teaching and learning methods:

Lectures will be used for the exposition of the main concepts, principles and techniques associated with the discipline. Seminars will focus on numerical practice and discussion of examination style questions. Lectures will be recorded using learning capture technology, where possible, and Blackboard will be used to support and structure the module.

For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of s tudy hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40 hours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian Quality Agency (MQA). 

Contact hours:

	Autumn	Spring	Summer
Lectures		24	2
Tutorials		24
Guided independent study:
Wider reading (independent)		48
Wider reading (directed)		48
Exam revision/preparation			30
Completion of formative assessment tasks		24
Total hours by term	0	168	32
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written exam	100

Summative assessment- Examinations:

One 2 hour closed book (unseen) written exam in the Summer term.

The examination for this module will require a narrowly defined time window and is likely to be held in a dedicated exam venue.

Summative assessment- Coursework and in-class tests:

None

Formative assessment methods:

Formative assessments are available in the textbook for all weeks of the module to enable students to gain the necessary practice. This work is primarily designed as a learning vehicle, and students will be provided with marking guides and feedback where appropriate so that they can assess their own performance.

Penalties for late submission:

The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:

A minimum mark of 40% is required for a university pass.

This module contributes to the Principles of Taxation module of ICAEW ACA Certificate level. To claim for ICAEW credit for prior learning, a minimum mark of 50% must be obtained on this module.

Reassessment arrangements:

Reassessment is through exam only in August/September of the same year.

Additional Costs (specified where applicable):

Required text books   -  approximately RM250 

1. Choong Kwai Fatt, 2022, Malaysian Taxation- principles and Practices (2022, 28th edition)  (or latest edition at the time of the offering)

Reading List:

1. The Income Tax Act 1967, Latest edition


2. The Real Property Gains Tax Act 1976, Latest edition


3. Sales Act 2018 and Service Tax Act 2018, Latest edition


4. Malaysian Taxation, Alan Yeo Miow Cheng, Latest edition, YSB Management Sdn Bhd


5. Thornton’s Malaysian Tax Commentaries, Richard Thornton, Latest Edition, Sweet & Maxwell Asia


6. The Malaysia Master Tax Guide, Latest edition, CCH


7. ACCA TX Taxation (MYS) BPP Learning Media


8. HASil e-book (available at:  HASiL e-book)

Calculator: Calculator meeting University requirements approximately RM150

Last updated: 8 November 2023