Taxation & Accounting Regulations

Course Description:

Legal accounting is like the two other types of accounting (financial and managerial) that use accounting information. However, legal accounting needs accounting information to enable prepare periodical and annual tax reports. This course introduces the concept of taxes, classifies and identifies the different types of taxes in Lebanon, elaborates the transition from accounting to tax results and dictates the implication of tax reporting and activities on the overall accounting cycle.

The topics include basic income tax computation, income definition, property transactions, taxes and investment and financing decisions, etc.  The purpose is to provide a basic understanding of the role of taxes in decision-making and to prepare students for advance topics in the second tax course. It draws as well on the disciplines of business finance, public finance, and accounting as they relate to taxation.

Course  Learning Outcomes:

Upon successful completion of this course, students will be able:

• Describe the system of corporation tax self-assessment
• Identify the key dates for submission of returns;
• Describe the partnership taxation system;
• Identify the minimum record-keeping requirements;
• Discuss the salaries and income taxes;
• Identify the compliance requirements imposed on employers in relation to employee taxation;
• Identify the VAT registration/deregistration requirements and the rules and penalties in relation to VAT returns.