AC207: Principles of Tax

Module code: AC207

Module provider: Business Informatics, Systems and Accounting; Henley Business School

Credits: 20

Level: 5

When you'll be taught: Semester 2

Module convenor: Dr Evelita Estela Celis, email: e.estelacelis@henley.edu.my

Additional teaching staff 2: Mr John Tang, email: j.c.tang@henley.edu.my

Pre-requisite module(s): BEFORE TAKING THIS MODULE YOU MUST TAKE AC110 (Compulsory)

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded: IN TAKING THIS MODULE YOU CANNOT TAKE AC108 OR TAKE AC221 OR TAKE AC319 (Compulsory)

Placement information: na

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: No

Last updated: 19 November 2024

Overview

Module aims and purpose

This module aims to develop knowledge and skills relating to the tax system as applicable to individuals and companies.   It introduces students to the subject of taxation and provides the core knowledge of the underlying principles and major technical areas of taxation, as they affect the activities of individuals and businesses. Students are introduced the rational behind and the functions of the tax system.  The module considered the separate taxes that an accountant would need to have a detailed knowledge of, such as income tax from self-employment, employment and investments; the income tax liability of companies and the sales and service tax liabilities of businesses.

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

Module 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, apply planning techniques for individual and companies and discuss contemporary issues relating to new tax policies. 
3. Explain and compute tax liabilities of individuals and of companies.
4. Explain and compute real property gains tax.
5. Explain and compute sales tax and service tax.
6. Identify the compliance issues for each major tax through a variety of business and personal scenarios and situations.

Module content

• The Malaysian tax system and its administration.
• Income Tax liabilities (individuals)
• Income Tax Liabilities (companies)
• Real Property Gains Tax
• Sales Tax
• Service Tax
• Contemporary issues relating to relating to new tax policies in Malaysia, if any.

Structure

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.

This module may be taught in a different semester if you are studying at our campus in Malaysia.  

To comply with the Malaysian Quality Agency (MQA) requirements, this module will carry 40 hours of study in addition to that shown here, giving a total of 240 study hours.

Study hours

At least 48 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 40% to pass this module.

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

Summative assessment

Penalties for late submission of summative assessment

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

Assessments with numerical marks

• 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 three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

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.

Reassessment

Additional costs