ØKB2008 Tax Laws 2

Contents and structure

The course provides an overview of the tax and value added tax system, as well as an in-depth study of the most central aspects of taxation for business activities. The course mainly includes:

General income for businesses, including taxable operating and capital revenues and deductible operating and capital costs, taxable capital gains and deductible capital losses, and deficits.

Calculation of gross employment income in sole proprietorship, including the shielding model for self-employed individuals and tax on gross employment income.

Taxation of limited companies and shareholders, including the shareholder model, the exemption model, and liquidation, etc.

Taxation of partnerships, including the shielding model for partnerships, and calculation of gain/loss on the sale of shares of the partnership.

Overview of value added tax legislation

Learning Outcome

Knowledge

The student:

• has knowledge of the tax system and is familiar with tax reporting and payment, including key rules for override and additional tax
• has knowledge of tax treatment of assets received as gifts or inheritance
• has knowledge of tax rules related to business activities and companies
• has knowledge of which transactions and events related to ownership and equity can lead to taxation
• has knowledge of the tax effects of conversion, termination of business, and liquidation of companies
• is familiar with tax planning and can make ethical reflections around such planning
• has knowledge of rules for wage reporting and calculation of employer's National Insurance contribution.
• has knowledge of the value-added tax (VAT) system related to business activities, including registration and reporting
• Is aware of rules for withdrawal and adjustments in the VAT regulations.

Skills

The student:

• can determine taxable income, deductible expenses, and correctly time items for calculating ordinary income in business (sole proprietorship, limited liability company, general partnership).
• can calculate tax expense, payable tax, and treatment of temporary differences for limited liability companies
• can determine the basis for taxation of shareholders (the shareholder model and exemption model) and sole proprietorships (business model), including awareness of taxation of participants in general partnerships (partnership model)
• can make ethical reflections around tax planning
• can assess a business's VAT-related conditions
• can handle VAT for common transactions, including within/outside the law, import/export, and different VAT rates

General Knowledge

• can acquire updated knowledge within the above knowledge and skill areas
• Can convey central subject matter through relevant forms of expression and discuss it with other experts
• can see the subject in a broader societal context

Entry requirements

None

Recommended previous knowledge

ØKB2006 Tax Law I or equivalent

ØKB3117 Intermediate Financial Accounting or equivalent

Teaching methods

Lectures, plenary exercises, and guidance related to individual exercises or exercises in groups.

Compulsory learning activities

None

Assessment

Individual exam at home, 7 days, 30%

Individual digital school exam, 4 hours, 70%.

A pass is needed in both parts.

Grading Scale A-F

Examination support material

Part I Individual home exam: All study aids may be used

Part II Individual digital school exam: All study aids may be used

More about examination support material

Course reductions

• ØKB2033 - Skatterett II - Reduction: 6 studypoints
• ØKB033 - Skatterett II - Reduction: 6 studypoints
• SA040 - Skatterett (revisor) - Reduction: 6 studypoints
• SA040 - Skatterett (revisor) - Reduction: 6 studypoints
• ØBR112 - Skatte- og avgiftsrett 2 - Reduction: 7.5 studypoints
• JU6-1002 - Skatte- og avgiftsrett 2 - Reduction: 7.5 studypoints
• JU6-1004 - Skatte- og avgiftsrett for eigendomsmeglarar - Reduction: 1 studypoints