F6 Taxation (CY)
THE SECRET TO EXAM SUCCESS
This exam requires good knowledge of the Cyprus tax system. Make sure that you are able to prepare the main computations of personal income and corporate tax, CGT (capital gain tax), the various disallowable and allowable items. You will also be required to prepare a capital allowances computation which format must again be known along with the rules required to prepare an adjustment of profit statement for both an incorporated and unincorporated businesses. The basic rules of VAT must also be known.
To develop knowledge and skills relating to the Cyprus tax system as applicable to individuals, single companies and groups of companies.
This syllabus introduces candidates 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.
In this syllabus, candidates are introduced to the rationale behind and the functions of the tax system. The syllabus then considers 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 corporation tax liability of individual companies and groups of companies; special contribution for the defence liabilities and capital gains tax liabilities of individuals and companies; the social insurance contribution liabilities of both employed and self- employed persons; and the value added tax liability of businesses.
Having covered the core areas of the basic taxes, the candidate should be able to compute tax liabilities, explain the basis of their calculations, apply tax planning techniques for individuals and companies and identify the compliance issues for each major tax through a variety of business and personal scenarios and situations.
After completing this examination paper students should be able to:
- Explain the operation and scope of the Cyprus tax system and the obligations of taxpayers and/or their agents
- Explain and compute the income tax liabilities of individuals
- Explain and compute the corporation tax liabilities of individual and groups of companies
- Explain and compute the special contribution for the defense (SCD) liabilities of individuals and companies
- Explain and compute the capital gains tax liabilities of Individuals and companies
- Explain and compute the effect of social insurance contributions on employees, employers and the self employed
- Explain and compute the effects of value added tax on incorporated and unincorporated businesses
- Lectures 1
- Quizzes 2
- Duration 15-25 hrs
- Skill level All levels
- Language English
- Students 32
- Certificate Yes
- Assessments Self
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