Assignment requirements
Students are required to explain three (3) common type of taxes levied on property. The explanation should be made reference to relevant legislation that govern each of the taxes. Students may use examples to facilitate their explanation.
Students are advised to observe all exemptions, relief/remission and penalties applicable to the taxes in accordance to the provision provided by the act. Announcement pertaining to the property taxes in the recent budget should also be taken into account.
Assignment Question
With reference to relevant Acts and the aid of examples, elaborate each of the following taxes imposed on a property.
a. Real Property Gain Taxes (30 marks)
b. Stamp Duty (35 marks)
c. Rating (assessment) (25 marks)
All discussion should make references to property only.
Assignment Criteria
For the purposes of this assignment, the students are expected to
1. discuss the nature of each taxes listed above.
2. discuss the fundamental of taxes applicable to each taxes including the parties liable for paying the taxes and the bodies collected the taxes.
3. discuss the tax bases and tax rate structures
4. illustrate simple tax calculation
5. explain the conditions in which exemptions/relief or penalties may apply
Note : Punctuality, references and well-presented submission will earn 10 marks.
who is the collector & terms payable
RPGT act 1976 ( act 169 )
Stamp act 1949(act 378 )
laocal goverment act 1976 (act 171 )
==> Answer
