
CPD EVENTS
INTRODUCTION
Advances in Tax Law and Revenue Procedures over the last few years have been accompanied by more demanding requirements in the submission of the respective Return Forms. Taxpayers’ responsibilities have extended beyond the mere stating of personal particulars and declaration of Income. In fact, identifying receipts that now constitute Income need to be carefully attended to.
Return Forms offer a much wider perspective of the Person’s income and the circumstances under which it was earned. Details required are not isolated; they could be related to information reflected in other segments or pages within the Form and it is therefore crucial that consistency is achieved. Any deviation from what Revenue deems correct may result in closer scrutiny of the accounts and related transactions.
To the Inland Revenue Board, Return Forms are the tools which allows them the means to decide whether weaknesses in the manner the Forms may have been completed should be pursued by Tax Audits or Investigations are necessary.
All the principal sections of Return Forms C, B, E and EA will be examined in detail. This is to ensure that the Forms are completed in accordance with the Law and procedural requirements of Inland Revenue.
The newly introduced Form CGT (Capital Gains Tax) will also be explained.
COURSE OUTLINE
1. Completion of Form B
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Income Details
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Claims and Reliefs
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Details and Analysis of Accounts
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Reconciliation of Data
2. Completion of Form C
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Review of year-end Financial Position
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Analysis and Impact of Profit & Loss Account
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Related Party Transactions & Transfer Pricing
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Directors, Shareholders, & Shareholdings
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Other Supporting Statement
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Preparation of Income Tax Computation
3. Employers and Forms E & EA
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Remuneration Categories
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Exempt Income and Benefits
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Details Required in Form E and EA
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Deadlines for Submission and Rendering
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Section 83 and Employers’ Duties
4. New Liable Income
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Foreign Source Income
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Capital Gains
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Dividend Income