Sunday 9 August 2015

CIFA Syllabus-Section 1 & 2



SECTION 1

PAPER NO. 1 FINANCIAL ACCOUNTING

GENERAL OBJECTIVE

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to prepare financial statements for different entities

1.0 LEARNING OUTCOMES

A candidate who passes this paper should be able to:

·         Prepare books of original entry and basic ledger accounts under double entry system
·         Prepare basic financial statements of sole traders, partnerships, companies and manufacturing entities and not for profit organisations
·         Comply with the regulatory framework in the accounting field
·         Account for asset and liabilities
·         Analyse financial statements by use of ratios and statement of cash flows

CONTENT

1.1    Introduction to accounting

-          The nature and purpose of accounting
-          Objective of accounting
-          Users of accounting information and their respective needs
-          The accounting equation
-          Regulatory framework of accounting (regulatory bodies such as ICPAK,
-          IFAC, IASB, IPSASB)
-          Accounting standards (IASs/IFRSs) importance and limitations
-          Professional ethics
-          Accounting concepts and principles
-          Qualities of useful accounting information

1.2 Recording transactions

-          Source documents: quotations, purchase orders, statement of account, remittance advice, receipts, petty cash vouchers, sales and purchase invoice, credit notes and debit notes, bank statements
-          Book of original entry: sales journal, purchase journal, returns inwards journal, returns outward journal, cash book, petty cash book and general journal
-          Double entry and the ledger; use of T – accounts and double entry aspects(debit and credit), sales ledger and purchases ledger
-          The trial balance
-          Computerized accounting systems- Role of computers, application and accounting softwares in the accounting process, benefits and challenges of operating computerized computer systems

1.3  Accounting for assets and liabilities

1.3.1        Assets

-          Property, plant and equipment – recognition, capital and revenue expenditure, measurement (depreciation and revaluation), disposal and disclosures, property, plant and equipment schedule
-          Intangible assets – recognition, measurement (amortization, impairment and revaluation) disposals and disclosures
-          Financial assets – examples and categories only
-          Inventory – recognition, measurement and valuation using specific cost method, FIFO and weighted average cost only
-          Trade receivables – bad debts and allowances for doubtful debts and receivables control accounts
-          Accrued income and prepaid expenses
-          Cash at bank – cash book and bank reconciliation statement
-          Cash in hand – cash book and petty cash books


1.3.2        Liabilities


-          Bank overdraft – cash book and bank reconciliation statement

-          Trade payables – control accounts

-          Loans – accounting treatment of repayment of principal and interest

-          Prepaid incomes and accrued expenses

1.4     Correction of errors and suspense account


1.5     Financial statements of a sole trader

-          Income statement
-          Statement of financial position
-          Preparing financial statements under incomplete information


1.6     Financial statements of a partnership

-          Partnership agreement

-          Distinction between current and fixed capital

-          Income statement

-          Statement of financial position

-          Changes in partnership – admission of a new partner, retirement and change in profit sharing ratio



1.7     Financial statements of a company


-          Types of share capital – Ordinary shares and preference shares

-          Issue of shares – ( exclude issue by statement and forfeiture)

-          Types of reserves – share premium, revaluation reserve, general reserves and retained profits

-          Income tax – accounting treatment and presentation(exclude computation)

-          Financial statements – income statement and statement of financial position

-          Published financial statements (describe a complete set of published financial statement but not preparation)

1.8     Financial statements of a manufacturing entity


-          Features of a manufacturing entity

-          Classification and apportioning costs between manufacturing and selling and administration

-          Financial statements – manufacturing account, income statement and statement of financial position


1.9 Financial statements of a not for profit organization


-     Features
-          Types of funds and their accounting treatment

-          Income and expenditure account

-          Statement of financial position


1.10 Analysing financial statements


-     Statement of cash flows (categories of cash, methods of preparing statement of cash flows and the importance)

-     Financial ratios – definition, categories, analysis and interpretation, application and limitations


1.11 Introduction to public sector accounting


-          Features of public sector entities (as compared to private sector)

-          Structure of the public sector ( National and county governments, state corporations and other agencies)

-          Regulatory structures and oversight [IPSASB, PSASB] (establishment, mandate and functions), Director of accounting services, National Treasury, Parliamentary committees, Accounting officers at national and county levels)

-          Objectives of public sector financial statements

-          Objectives of IPSAS

-          Accounting techniques in public sector (budgeting, cash, accrual, commitment and fund)
(Preparation of financial statements excluded

1.12     Emerging issues and trends




PAPER NO. 2 FINANCIAL MATHEMATICS
GENERAL OBJECTIVES
This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply financial mathematics in decision making
2.0 LEARNING OUTCOMES
A candidate who passes this paper should be able to
·         Compute present and future values of cash flows
·         Apply statistical tools in finance
·         Apply financial forecasting techniques in business
·         Apply mathematical functions in finance
·         Compute and interpret numbers
CONTENT
2.1 Introduction to financial mathematics
-          Nature and scope of finance; financing, investment, management of working capital and profit sharing (dividend policy) decisions
-          Relationship between finance and other disciplines; finance and economics, finance and accounting, finance and mathematics
-          Purpose of financial modeling
2.2 Financial algebra
-          Simultaneous and quadratic equations
-          Developing financial equations
-          Developing finance functions
-          Interactive graphs; graphing financial functions
-          Overview of calculator operations: turning on and off the calculator, selecting second functions, setting calculator formulae, clearing calculator memory, mathematical operations, memory operations, memory operations, using worksheets
2.3 Time value of money and interest rate mathematics
-          Concept of interest rates and inflation
-          Simple interest
-          Compound interest
-          Continuously Compound interest
-          Present values
-          Basics of capital budgeting
-          Loan amortization
-          Time value of money and amortization worksheets, entering variables in amortization worksheets, entering cash inflows and outflows, generating amortization schedules
-          Cash flow worksheets; calculator worksheet variables for both even and uneven and grouped and grouped cash flow, entering, deleting, inserting and computing results
-          Depreciation worksheets; depreciation worksheet variables, entering data and computing results
-          Other worksheets: percentage change/compound interest worksheets, interest conversion worksheets, profit margin worksheets, break-even worksheets, memory worksheets
2.4 Financial forecasting
-          Need for financial forecasting
-          Techniques of financial forecasting: statistical and non-statistical methods
-          Time series components and analysis
-          Share valuation
-          Fixed income model for bonds and construction of yield curve
-          Regression and correlation
-          Use of financial calculators in regression and correlation models, entering data, computing the results and interpretation
2.5 Financial calculus
-          Introduction calculus
-          Differentiation; ordinary and partial derivatives
-          Integration
-          Application of calculus to solve financial problems relating to maximization of returns and minimization of costs
2.6 Descriptive statistics
-          Measures of central tendency; mean, mode, median
-          Measures of relative standing; quartiles, deciles, percentiles
-          Measures of dispersion; range, mean deviation, variance, standard deviation, coefficient of variation
-          Statistical worksheets; statistical worksheet variables, computing statistical results and interpretation
2.7 Probability Theory
-          Relevance of probability theory
-          Events and probabilities
-          Probability rules
-          Random variables and probability distributions
-          Binomial random variables
-          Expected value
-          Variance and standard deviation
-          Probability density function
-          Normal probability distribution
-          Stochastic functions
-          Application of probability to solve business problems
2.8 Index numbers
-          Purpose of index numbers
-          Construction of index numbers
-          Simple index numbers; fixed base method and chain base method
-          Weighted index numbers; Laspeyre’s, Paashes’s, Fisher’s ideal and Marshall-Edgeworth’s methods
-          Limitations of index numbers
2.9 Emerging issues and trends




 PAPER NO .3 ENTREPRENEURSHIP AND COMMUNICATION

GENERAL OBJECTIVE

This paper is intended to equip the candidate with skills, knowledge and attitudes that will enable him/her to apply entrepreneurial skills in business and other environments

3.0 LEARNING OUTCOMES

A candidate who passes this paper should be able to:
·         Identify and screen business opportunities
·         Develop a business plan
·         Demonstrate entrepreneurial orientation
·         Communicate effectively in a business environment
·         Apply entrepreneurial competencies in response to the emerging trends in the business environment

CONTENT

3.1 Introduction to entrepreneurship

-          Definition of entrepreneurship
-          Rationale for entrepreneurship
-          Entrepreneurial decision process
-          Entrepreneurial development
-          Contribution to economic development

3.2 Entrepreneurial orientation

-          Independence and need for achievement
-          Individual characteristics of entrepreneurs
-          Creativity and innovation
-          Decision making
-          Risk-management
-          Time management
-          Coping with competition

3.3  Entrepreneurial opportunity and development

-          Methods of generating ideals
-          Qualities of good business opportunities
-          Evaluating business opportunities
-          Feasibility analysis
-          Business incubation
-          Intellectual properties, copyrights trademarks and patents

3.4  Business plan

-          Purpose
-          Format
-          Description of the business
-          The market and the marketing plan
-          Human resource plan
-          The financial plan
-          Launching the new venture

3.5  Strategies for enterprise growth

-          Penetrating strategy
-          Market development strategy
-          Product development strategy
-          Franchising
-          Joint venture
-          Mergers and acquisitions
-          Going public

3.6 Entrepreneurship and technology

-          Internet and e-commerce
-          The enterprise website
-          Globalization
-          Business outsourcing
-          Techpreneurs
-          Electronic and mobile money transfers
-          Business networking
-          Crowd funding and crowd sourcing

3.7  Nature of business communication

-          Meaning of communication
-          Purpose of business communication
-          Internal and external communication
-          The communication process
-          Methods of communication
-          Communication systems and networks
-          Principles of effective communication
-          Barriers to effective communication

3.8  Written communication

-          Rules of effective writing
-          Business correspondence
-          Reports
-          Memorandum
-          Proposal writing
-          Forms and questionnaire design
-          Circulars and newsletters
-          Notices and advertisements
-          Publicity materials
-          Press releases
-          Graphic communication

3.9  Oral and non-verbal communication

-          Oral communication in business
-          Effective listening
-          Interviews
-          Non-verbal communication
-          Interpersonal relationships
-          Presentation skills

3.10 Meetings

-          Notice
-          Agenda
-          Role of the chairperson
-          Role of the secretary
-          Conduct of meetings
-          Minutes

3.11 Information technology communication

-          The internet
-          Teleconferencing
-          Wireless technologies
-          Electronic postal services

3.11 Ethics and integrity in business communication

-          Concept of ethics and integrity
-          Significance of ethical communication
-          Factors influencing ethical communication
-          Ethical dilemmas in communication
-          Guidelines to handle communication ethics dilemmas
-          Business ethics in communication

3.12 Emerging issues and trends





SECTION 2

PAPER NO.4 ECONOMICS

GENERAL OBJECTIVES

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply the fundamental principle of economics in decision making

4.0 LEARNING OUTCOMES

A candidate who passes this paper should be able to
·         Apply basic mathematical and graphical techniques to analyse economic relationships and interpret the results
·         Apply the knowledge of economics in decision making
·         Analyse economic problems and suggest possible policy related recommendations
·         Apply knowledge of economics in international trade and finance
·         Apply economic principles in the development and implementation of policies in agriculture and industry
·         Demonstrate an understanding of emerging economic issues


CONTENT

4.1  Microeconomics

4.1.1 Introduction to Economics

-                      Definition of economics
-                      Micro and macro economics

-                      The methodology of economics and its basic concepts
-                      Economic description and analysis
-                      Scarcity, choice, opportunity cost and production possibility frontiers and curves

-                      Economic systems, free economy, planned economy and mixed economy

-                      Specialization and exchange

4.1.2        Demand, supply and determination of equilibrium

4.1.2.1 Demand analysis

-                      Definition
-                      Individual demand versus market demand
-                      Factors influencing demand
-                      Exceptional demand curves
-                      Types of demand
-                      Movement along and shifts of demand curves
-                      Elasticity of demand
-                      Types of elasticity: Price, income and cross elasticity
-                      Measurement of elasticity; point and arc elasticity
-                      Factors influencing elasticity of demand
-                      Application of elasticity of demand in management and economics policy decision making

4.1.2.2. Supply analysis

-                      Definition
-                      Individual versus market demand
-                      Factors influencing supply
-                      Movement along and shifts of supply curves
-                      Price Elasticity of supply
-                      Factors influencing elasticity of supply
-                      Application of elasticity of supply in management and economics policy decision making

4.1.2.3  Determination of equilibrium price

-          Interaction of supply and demand, equilibrium price and quantity
-          Mathematical approach to equilibrium analysis

-          Stable versus unstable equilibrium
-          Effects of shifts in demand and supply on equilibrium
-          price control
-          Reasons for price fluctuation in agriculture.


4.1.3 The Theory of consumer Behaviour:

-          Approaches to the theory of the consumer-cardinal versus ordinal approach

-          Utility analysis, Marginal Utility (MU), Law of Diminishing Marginal Utility (DMU)
-          Limitation of cardinal approach

-          Indifference curve analysis
-          Budget line
-          Consumer equilibrium; effects of changes in prices and incomes on consumer equilibrium
-          Derivation of demand curve
-          Application of indifference curve analysis: Substitution and income effects for a normal good, inferior good and giffen good; derivation of the Engel curve
-          Consumer surplus

4.1.3        The theory of a firm
        
4.1.4.1 The Theory of Production

-             Factors of production
-             Mobility of factors of production

-             Production function analysis

-             Short run analysis

-             Total product, average and marginal products

-             Stages of production and the law of variable proportions/the law of diminishing  returns
-             long run analysis
-             Isoquant and Isocost lines
-             The concept of producer equilibrium and firm’s expansion curve
-             Law of returns to scale
-             Demand and supply of factors of production
-             Wage determination theories
-             Trade unions: functions and challenges
-             Producer surplus/economic rent.

4.1.4.2  The theory of cost

-          Short run cost analysis and size of the firm: total cost, fixed cost, average cost, variable cost and marginal cost

-          Long run cost analysis
-          Optimal size of a firm
-          Economies of scale


4.1.5        Market structure

-          Definition of a market
-          Necessary and sufficient conditions for profit maximization
-          Mathematical approach to profit maximization
-          Output, prices and efficiency of: perfect competition, monopoly, monopolistic competition, oligopolistic competition

4.2            Macroeconomics
4.2.1        National Income

-                      Definition of national income

-                      Circular flow of income
-                      Approaches to measuring national income

-                      Concepts of national income; Gross Domestic Product (GDP), Net National Product (NNP) and net national income (NNI) at market price and factor cost, disposable income


-                      Problems of measurement; Uses of national income statistics and their limitations

-                      Analysis of consumption, saving and investment and their interaction in a simple economic model

-                      Determination of equilibrium national income
-                      Inflationary and deflationary gaps

-                      The multiplier and accelerator concepts
-                      Business cycles/cyclical fluctuations

4.2.2        Economic growth, economic development and economic planning

-          The difference between economic growth and economic development
-          Actual and potential growth
-          The benefits and cost of economic growth
-          Determinants of economic development
-          Common characteristics of developing countries
-          Role of agriculture and industry in economic development
-          Obstacles to economic development
-          The need for development planning
-          Short term, medium and long term planning tools
-          Limitation of planning in developing countries

4..3            Money and Banking

4..3.1      Money

-          The nature and functions of money

-          Demand and supply of money
-          Theories of the demand for money
-          Theories of demand for money: The quantity theory, the Keynesian liquidity preference theory
4..3.2      The banking system

-                      Definition of Commercial banks
-                      The role of commercial banks and non-banking financial institutions in the economy
-                      Credit retention
-                      Definition of Central banks
-                      The role of Central Bank; traditional and changing role in a liberalized economy, such as financial sector reform, exchange rate reform

-                      The role of commercial banks and non-bank financial institutions in the economy

-                      Monetary policy; definition, objectives instruments and limitations

-                      Determination of interest rates and their effects on the level of investment, output, inflation and employment
-                      Harmonization of fiscal and monetary policies
-                      Simple IS-LM Model
-                      Partial equilibrium and general equilibrium

4..4            Inflation and unemployment

4.1.4.1 Inflation

-          Definition and types of inflation
-          Causes of inflation: cost push and demand pull
-          Effects of inflation
-          Measurers to control inflation

4.2.4.2 Unemployment

-              Definition of unemployment
-              Types and causes of unemployment
-              Control measures of unemployment

-              Relationship between unemployment and inflation: Philips curve

4.2.5        International Trade and Finance

-              Definition of international trade
-              Theory of absolute advantage and comparative advantage

-              World trade organization ( WTO) and concerns of developing countries
-              Protection in international trade

-              Regional integral organizations, commodity agreements and the relevance to Less Developed Countries (LDCs)
-              Terms of trade, Balance of trade, Balance of payments (causes and methods of collecting deficits in balance of payment), Exchange rates, types of exchange regimes, factors influencing exchange rates, foreign exchange reserves.

-              International Financial Institutions: International Monetary Fund (IMF) and World Bank
-              National debt management: causes and interventions
-              Structural Adjustment programmes (SAPs) and their impacts on the LDCs

4.2.6        Current development

-              Factors affecting economic development: informal credit markets, development index, growth of market structures, voting behavior, technology transfer, democracy and development, environmental concerns

4.2.7 Emerging issues and trends










PAPER NO. 5 FINANCIAL INSTITUTIONS AND MARKETS
GENERAL OBJECTIVES
This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to make investment decisions based on analysis of financial markets
5.0 LEARNING OUTCOMES
A candidate who passes this paper should be able to
·         Identify financial intermediaries available for investment
·         Calculate security market index
·         Comply with financial market regulations
·         Trade financial securities in the financial markets

CONTENT
5.1 Market organization and structure
-          Functions of financial system
-          Classification of assets and markets
-          Structure of financial markets
-          Major types, subtype and characteristics of securities traded in organized market: currencies, contracts, commodities, and real assets
-          Flow of funds and financial system
-          Financial intermediation and disintermediation
-          Challenges of financial intermediation and irregularities in markets
-          Characteristics of a well functioning financial system
-          Organic theory of financial markets
-          Definitive approaches to financial markets
-          Automation of security exchanges: Automated trading systems (ATS) Central Depository System (CDS)
-          Internationalization of financial markets
5.2 marketing financial services
-          Challenges of marketing financial services
-          The consumer decision process in financial services
-          Categories of financial products and services
-          Pricing financial services
-          Advertising financial services
-          Distribution of financial services; traditional channels of distribution; technology driven delivery channels
-          New product introduction in financial services markets
-          Segmenting financial service markets
-          Customer satisfaction with financial services; building financial consumer relationship; consumer retention and loyalty
5.3 Financial markets
-          Money markets: purpose, participants, trading; money market instruments ( Treasury bills, commercial papers, negotiable certificates of deposit)
-          Bond market: purpose, participants, bond market instruments (Treasury bonds, municipal bonds, corporate bonds, structured notes, Exchange-Traded notes)
-          Equity Market: purpose, participants, classification, types of residential mortgages, participants; mortgage market instruments
-          Foreign exchange markets: purpose, participants; forex market currency pairs
-          Derivatives securities markets: financial futures markets, purpose of trading financial futures, structure of the future market, trading futures
5.4 security market indices
-          Security market index
-          Calculation and interpretation of an index value, price return, and tota return
-          Choices and issues in index construction and management: different weighting methods used in index construction
-          Index rebalancing and reconstitution
-          Uses of security market indices
-          Types of equity indices: price weighted index, value weighted index, global equity index
-          Types of fixed-income indices
-          Indices representing alternative investments
-          Comparison of indices over time
5.5 Market efficiency
-          The concept of market efficiency: definition and assumptions; importance of market efficiency to investment participants
-          Market value and intrinsic value
-          Factors affecting market’s efficiency
-          Forms of market efficiency: weak form, semi-strong form and strong form: implications of each form of market efficiency for fundamental  analysis, technical analysis, and the choice between active and passive portfolio management;
-          Random walk theory and efficient markets
-          Tests of market efficiency
-          Market anomalies: size effect, P/E ratio effect, day of the week effect (Monday effect), year-end or January effect, return patterns (value line enigma, quarterly earnings surprises), Fama-French value/Market value
5.6 Financial intermediaries
-          Commercial banks: Islamic banking, Internet banking, Agency banking, international banking
-          Savings and loans association and co-operative societies
-          Foreign exchange bureaus
-          Unit trusts and mutual funds
-          Insurance companies and pension firms
-          Insurance agency and brokerage firms
-          Investment companies
-          Investment banks and stock brokerage firms
-          Micro-finance and Small and Medium Enterprises (SMEs)
-          Syndication by commercial banks on the operations of the capital markets
-          Private equity firms
-          Hedge funds
-          Funds of funds
-          Financial advisory firms
5.7 Financial markets regulation
-          Asymmetric information and financial regulation: government safety net, restrictions on asset holdings, capital requirements
-          Financial supervision: chartering and examination, assessment of risk
-          Management, disclosure requirements, restrictions on completion
-          Financial liberalisation, stratification and rationalization
-          Financial deepening
-          Bank runs and panics
-          The liquidity crisis
5.8 Informal finance
-          Introduction to informal finance
-          Sources of informal finance
-          Features of Informal finance
-          Informal investment organizations
-          Challenges of informal finance
5.9 Emerging issues and trends

SECTION 2

PAPER NO. 6 PUBLIC FINANCE AND TAXATION

GENERAL OBJECTIVES

This paper is intended to equip the candidate with knowledge, skills and attitudes that will enable him/her to apply public financial management regulations and taxation concepts and principles in practice

6.0 LEARNING OUTCOMES

A candidate who passes this paper should be able to:

·         Comply with the regulatory framework in public financial management (PFM)
·         Compute tax for various entities
·         Manage the budgetary process, public revenue and control public expenditure in national and county governments
·         Apply the written tax law in addressing various tax issues
·         Manage non-complex public financial management issues in public entities
CONTENT
6.1 Introductions to public financial management Legal Framework
-          General overview of public financial management as envisaged by the constitution
-          Overview of the public financial management Act
-          Financial regulations
-          Treasury circulars; meaning and application
-          Process of developing county government finance bills
6.2 The operations of the national and county governments on management and control of public finance
-          Establishment of National County Treasury
-          Responsibility of  National and County Treasuries with respect to public funds
-          Establishment, purpose and composition of intergovernmental budget and economic council
-          The process of sharing revenue
-          The role of the Commission on Revenue on Allocation (COR)
-          The role of the council of governors in county financial management


6.3 Establishment of public funds in the public sector
-          Provision of establishing public funds
-          Rationale of creation of public funds
-          The consolidated fund
-          The establishment and administration of contingency funds
-          The establishment and administration of equalization funds
6.4 supply chain management in public entities
-          Definition and terminologies
-          General overview of Public Procurement and Disposal (PPD) Act
-          Procurement guidelines as envisaged by PPD Act
-          Committees responsible for procurement
-          Procurement process by National, County and other Public entities
-          Tendering process and selection of suppliers in public sector
-          Concept of E-procurement
6.5 oversight function in public finance management
-          The role of National Assembly
-          The role of senate
-          The role of county assembly
-          The role of auditor general
-          The role of Internal Audit
-          Role of controller of budget in relation to disbursement of public funds as envisaged by the constitution and PFM Act, 2012
6.6 Introduction to taxation
-          History and purpose of taxation
-          Principles of an optimal tax system
-          Single versus multiple tax systems
-          Classification of taxes and tax rates
-          Impact incidence and tax shifting, tax shifting theories
-          Taxable capacity
-          Budgetary and fiscal tools: General definition of budgets terms, Budget surplus and deficits
-          Role of budget officers in budget preparation and execution
-          Responsibilities of the national and county treasury in relation to budget preparation
-          Budget process for both national, county and public entities
-          Revenue Authority-History, structure and mandate
6.7 Taxation of income of persons
-          Taxable and non taxable persons
-          Sources of taxable income
-          Employment income
·         Taxable and non taxable benefits
·         Allowable and non allowable deductions
·         Tax credits (withholding tax, personal and insurance relief etc)
·         Pension income
-          Business income
·         Sole proprietorship
·         Partnership (excluding conversion)
·         Incorporated entities (excluding specialized institutions)
·         Turnover tax
-          Income from use of property-rent and royalties
-          Farming income
-          Investment income
-          Capital gains tax
6.8 capital deductions
-          Rationale for capital deductions
-          Investment deductions: ordinary manufacturers
-          Industrial building deductions
-          Wear and tear allowances
-          Farm works deductions
-          Mining allowance
-          Shipping investment deduction
-          Other deductions
-          Notices, objections, appeals and relief of mistakes
-          Appellant bodies
-          Collection, recovery and refund of taxes
-          Offences, fines, penalties and interest
-          Application of ICT in taxation: iTax, samba system
6.9 Administration of value added tax
-          Introduction and development of VAT
-          Registration and deregistration of business for VAT
-          Taxable and non taxable supplies
-          Privileged persons and institutions
-          VAT rates
-          VAT records
-          Value for VAT, tax point
-          Accounting for VAT
-          VAT returns
-          Remission, rebate and refund of VAT
-          Rights and Obligation of VAT registered persons
-          Offences fines, penalties and interest
-          Enforcement
-          Objection and appeals: Requirements and procedures
-          Challenges in administration of VAT
6.11 Customs taxes and excise taxes
-          Customs procedure
-          Import and export duties
-          Prohibitions and restriction measures
-          Transit goods and bond securities
-          Excisable goods and services
-          Purposes of customs and exercise duties
-          Goods subject to customs control
-          Import declaration form, pre-shipment inspection, clean report of findings
-          Other revenue sources
6.12 Emerging issues and trends




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