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Tax Accounting I

Tax Accounting I. Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems. Lecture 2 Essentials Of Tax Accounting. Chapter Two. Essentials Of Tax Accounting. Tax Accounting Definition. .

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Tax Accounting I

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  1. Tax Accounting I Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems • Lecture 2 Essentials Of Tax Accounting

  2. Chapter Two Essentials Of Tax Accounting

  3. Tax Accounting Definition. It is defined as a science and an art concerning with calculating Tax and generating Information to Taxpayers , to Tax Authorities Units and to whom it may concern for making decisions

  4. Tax Accounting Objectives The main objectives of Tax Accounting System is to generate Tax Information concerning with the following items : - Taxable Revenues , - Taxable Deductions and Allowances • Tax Base - Tax Rate , - Tax Statement and Annual Report, - Tax Adjustments to Annual Report.

  5. Tax Accounting Principles Tax Accounting Principles are as follows : - Tax Period: it means that the Tax Statement is prepared about a certain period which is called : Tax Interval Period.

  6. –Objectivity : it means that Tax must be based on verifiable evidence as possible, judgmental measures and standards.

  7. –Objectivity: it means that Tax Due must be based on verifiable evidence as possible’ judgmental measures and standards.

  8. –Consistencybetween periods for the same entity : it means that , the enterprise must apply the same accounting principles , policies and methods for measuring Due Tax to make comparison meaningful .

  9. –Monetary Values: it refers to using money as a unit of measure of Due Tax ignoring Changes in its general purchasing power .

  10. - Continuity or going Concern: it means that every enterprise should be viewed as remaining in operations for measuring Due Tax.

  11. Disclosure: it means that Tax Statements should disclose which is necessary to make Due Tax clear and not misleading .

  12. Tax Accounting Values In addition to the previous principles ,there are other Values such as : - Ethical Values , - Behavioral Values , - Religious Values .

  13. Tax Accounting Procedures. They are as Follow : 1-Collecting data about Individuals business Transactions . 2-Recording data in Books and Records 3-Classifying data . 4-Analyzing data according to Tax Laws ..

  14. 5- Preparing the Financial Statements according to Tax Laws. 6- Preparing the Annual Tax Statement according to Tax Laws and Instructions. 7- Preparing the Annual Tax Declaration ( Tax Report ).

  15. Tax Accounting Information Users. They are as follow : - Taxpayers - Individuals - Institutions - Corporations - Establishments - Accountants and Others

  16. Tax Authorities Users Tax Authorities Users are as follow : Tax Inspector , Tax Investigator , Tax Auditor , Tax Competent , Tax Interior Committee , Tax Appeal Committee , Tax Court Council , Governmental Units Other Taxation Establishments

  17. * Tax Calculating Elements Tax calculation Elements are: Taxable Revenues or Incomes, Taxable Deductions , Taxable Allowances , Tax Rate, Tax Due , Pre-paid Tax, Tax Due to be paid

  18. Tax Calculation Equations Tax Calculation Equationsare : 1 - Net Taxable Revenue = Tax Base = Total Taxable Revenues Less ( Taxable Deductions) ( Taxable Allowances ) 2-Tax Due= Net Taxable Revenue ( Tax Base) × Tax Rate 3- Tax Due to be Paid= Tax Due LessPre-paid Tax.

  19. Tax Statement Form Tax Statement for Al-HodaCompany (JSEC) For the year ….. ended Taxpayer Name : Tax File No : Tax Card No :

  20. Tax Card

  21. Tax Statement Taxable Revenues 200 000 Less : Taxable Deduction 50000 Less; Taxable Allowances: 20000 Less : Family Allowance 10000 ------- 80000 --------- Net Tax Base 120000 Revenue Tax Rate 20 % Tax Due= 120 000 × 20% =24 000 Less : Prepaid Tax = 10 000 Net Tax Due = 14 000

  22. Very thanks

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