LEARNING OUTCOMES

TOPICS TO BE DISCUSSED

Specific OBJECTIVES OF THE TOPICS OR SUBTOPICS

Demonstrate an in-depth appreciation and recognition on the linkages of the mission-vision of the present administration to TRAIN Law.

Understand  the term “business” and “taxes” in accounting parlance.

> Mission-vision of the present administration that led to the creation  of TRAIN Law.

> Basic tax principles which support the TRAIN Law.

Definition of terms for:

> business;

> taxes

>Learn the significant link of the tax principles to the creation of the new tax laws;

>Understand  and appreciate the amendments on certain tax rulings under the new law.

To distinguish the difference between business and taxes in the accounting language.

Critically recognize and understand the amendments of TRAIN Law on  VAT.

> Definition of VAT

> Requisites of VAT

> Comparative Analysis of VAT under  the old law (RA 16-2011) and the TRAIN law.

> Input and Output VAT

> VAT payable and deferred tax asset

> BIR Forms for VAT and its filing dates

> Period of transition from Non-VAT to VAT taxpayer and its requirements under the TRAIN Law.

>To facilitate analysis and comprehension of the amendments on the previous tax law, pencil pushing using actual cases are recommended.

>To distinguish the difference between vat payable and deferred tax asset and its proper treatment on the financial statement.

> To determine the amended BIR forms (if any) and filing dates.

> To determine the new laws encompassing the period of transition and requirements needed from Non-VAT to becoming a VAT taxpayer.

Strategically compare the different business taxes and the amendments imposed thereon under the TRAIN law.

> Definition of excise tax, percentage tax and documentary stamp tax.

> Goods subject and not subject to excise tax.

> Highlights of new laws under the TRAIN Law on excise tax,

> Reasons for such imposition

>Computations

> Concurrence of business taxes

To come up with a comparative analysis on the old law and the new law affecting the excise tax, percentage tax and documentary stamp tax.

To assess the impact of the TRAIN law on the business taxes.

Reinforce facts and principles covered in relation to the TRAIN law.

Reading Materials: various Revenue Regulations from BIR

To identify the tax provisions issued by BIR which relate to the topics discussed

Master the tax provisions under the TRAIN Law  applicable for each business tax  covered in the lesson.

Short Quiz (Multiple Choice)

Gain mastery of the tax provisions under the TRAIN Law and their application of what was covered in the module