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BUU33720 Taxation 1

(5 ECTS credits) - Semester One


James McMahon

Module Content/Outline:

The aim of this module is to provide students with a working understanding of the Irish tax system, the ability to prepare detailed income tax computations and an understanding of the value added tax (VAT) system in Ireland.  The module will include topics relating to (i) the Irish tax system and the influence of EU law, (ii) residence and domicile for personal tax purposes, (iii) calculation of income tax liabilities including the difference between accounting income and taxable income, (iv) Pay Related Social Insurance (PRSI) and Universal Social Charge (USC), (v) the tax implications for married persons, (vi) the taxation of termination payments, (vii) the basic principles of VAT, (viii) Local Property Tax (LPT) and (ix) the obligations of taxpayers. In addition, the module aims to provide students with the skills to analyse and critique tax policies.

Learning and Teaching Approach:

The lectures will focus on explaining the core technical and theoretical issues including many examples of the practical application of these core concepts.  It is an essential aspect of this module that students understand both the technical rules and how they are applied in practical scenarios including the ability to compute a range of tax liabilities and advise on tax filing and payment obligations.  A focus on developing professional skills and competencies will also be included throughout the module.  Students will have the opportunity to ask questions and clarify any aspect of the material or practical examples during the lectures.

It is important that students actively engage with the material and come to lectures prepared. The required readings from the core textbook should be completed in advance of the lectures as this will enhance the learning experience.  Questions are assigned for each topic and it is expected that students will attempt these questions in their own time.  This practical application is an essential aspect of this module.  In addition, the lecturer will encourage discussion and debate of topical taxation issues and will assist in the overall development of the student’s understanding of the tax system and tax policy design.  

Learning Outcomes:

Having successfully completed this module, the student should be able to:

Demonstrate a critical awareness of different taxation laws in Ireland and the impact of European legislation on the Irish tax system

Understand the role of tax in society and the aims of the tax system

Understand the formulation of tax policy and the ability to analyse and critique tax policies and their implementation

Understand the income tax system, including rules for determining residence and domicile and their impact on the charge to income tax, the various categories of income and tax credits and reliefs available to individuals

Understand the Irish system of Pay Related Social Insurance (PRSI) and Universal Social Charge (USC)

Understand the treatment of married persons for income tax purposes

Prepare basic income tax computations including an understanding of the differences between accounting revenues and costs and taxable income and deductible expenses

Understand the commencement and cessation income tax rules for businesses and calculate the impact of such on the overall tax liability

Explain the application of the high earners’ restriction and calculate the impact of the restriction on the income tax liability

Understand the principles of loss relief for income tax purposes and be able to apply loss relief in the correct manner to minimise the income tax liability for the tax year

Understand the income tax implications for individuals receiving payments on termination of employment and the tax reliefs available in respect of such

Possess a systematic understanding of the various regulations relating to VAT

Understand the system of Local Property Tax (LPT)

Module Prerequisite

BUU22530 Introduction to Accounting (SF Year)

Recommended Texts/ Key Reading:

Required core course textbook 
Irish Taxation: Law and Practice, 2018/2019, Irish Tax Institute, 16th Edition
General Supplemental Readings
The Student’s Tax Handbook - 2018 Edition, Tom Conlon, McKeon Murray Publications   

From Boraimhe to Bit – the Art of Taxation (1st Edition), Moire O’Halloran, Irish Tax Institute  

Taxation: Policy and Practice, Andy Lymer and Lynne Oats, Fiscal Publications   

Additional reading material will be posted on the course intranet throughout the semester

Assessment and Examination:

Group Assignment      20%
Examination                80%