COURSE AGENDA

• Articulate the economic principles and policy objectives that underpin indirect consumption taxes like VAT and GST.
• Identify and interpret the key legal provisions and frameworks governing indirect consumption taxes in different jurisdictions.
• Compare and contrast various indirect tax structures and their implications for businesses and consumers.
• Critically assess the impact of different indirect tax policies on economic activities and government revenue.
• Utilise theoretical concepts to solve practical problems related to the implementation and administration of indirect consumption taxes.
• Participate in discussions on indirect tax policy design, reform, and its socio-economic effects.

• Differentiate between excise taxes and turnover or gross receipt taxes, understanding their unique characteristics and applications.
• Analyse the legal provisions governing excise and turnover taxes in various jurisdictions.
• Assess the economic impact of excise and turnover taxes on businesses, consumers, and government revenue.
• Implement effective compliance strategies to manage reporting and payment requirements for excise and turnover taxes.
• Critically evaluate the policy goals behind excise and turnover taxes and their effectiveness in achieving desired economic and social outcomes.
• Address practical challenges in the administration and management of excise and turnover taxes, including handling audits and dispute resolution processes.

Aim

This unit provides a comprehensive understanding of retail sales taxes, with a general overview and a specific focus on the United States.

The unit covers the legal frameworks, compliance requirements, and strategic considerations for managing RST effectively.

Learning Outcomes

On successfully completing this unit, students will be able to:

• Explain the basic principles and concepts of retail sales tax applicable in various jurisdictions.
• Analyse the specific legal frameworks and compliance requirements for RST in the United States.
• Assess the economic implications of retail sales taxes on businesses and consumers.
• Implement effective compliance strategies to manage RST obligations, including registration, reporting, and payment.
• Critically evaluate the policy goals behind retail sales taxes and their effectiveness in achieving economic and social outcomes.
• Solve practical issues related to the administration and management of retail sales taxes, including audits and dispute resolution processes.

• Gain insights into the structure, function, and expectations of tax authorities.
• Develop effective communication strategies for interacting with tax authorities.
• Apply techniques for navigating tax audits and managing the audit process.
• Resolve disputes with tax authorities through negotiation and legal avenues.
• Understand the importance of maintaining compliance and how to demonstrate it to tax authorities.
• Deliver best practices for building and maintaining positive relationships with tax authorities.
• Apply theoretical knowledge to real-world scenarios through case studies, enhancing practical understanding of managing interactions with tax authorities.
• Improve skills in preparing and presenting documentation and reports required by tax authorities.

• Explain the concept and criteria for identifying a taxable person under VAT/GST laws.
• Understand and categorize different types of taxable supplies and determine the tax base for VAT/GST purposes.
• Implement regulations to correctly register and manage VAT/GST for taxable persons and supplies.
• Calculate VAT/GST liabilities accurately, based on the defined tax base and applicable rules.
• Develop strategies to ensure compliance with VAT/GST obligations, including accurate reporting and documentation.
• Address practical challenges related to the identification of taxable persons and supplies, ensuring correct application of VAT/GST laws.

• Explain the concept of exempted and input-taxed transactions under VAT/GST laws.
• Manage post-sale price adjustments and understand their implications for VAT/GST reporting and compliance.
• Implement special VAT/GST schemes designed for farmers and small businesses, ensuring proper application and compliance.
• Accurately calculate VAT/GST adjustments due to changes in price or other factors affecting taxable transactions.
• Create effective compliance strategies for managing exempt transactions and special schemes.
• Resolve practical challenges related to VAT/GST exemptions, price adjustments, and special schemes, ensuring the correct application of the laws.

• Explain the principles of transfer pricing for import and export transactions and their impact on VAT, GST, and customs duties.
• Implement transfer pricing rules in the context of VAT/GST to ensure compliance and accurate tax reporting.
• Develop strategies to optimise tax positions through effective transfer pricing management.
• Handle cross-border transactions with an understanding of their transfer pricing implications for VAT and customs duties.
• Ensure compliance with international transfer pricing regulations and their application to VAT/GST and customs.
• Resolve practical challenges related to transfer pricing for VAT/GST and customs, ensuring accurate and compliant tax practices.

• Explain the fundamental principles and concepts of customs law.
• Analyse the key regulatory frameworks governing customs law in various jurisdictions.
• Navigate the procedures for importing and exporting goods in compliance with customs regulations.
• Accurately classify goods for customs purposes, understanding the implications of different classifications.
• Create effective strategies to ensure compliance with customs regulations and avoid penalties.
• Solve practical issues related to customs law, including handling documentation, tariffs, and duties.