Corporate Taxation

Course	V-772-TAX1
Semester	20243
ETCS	7,5
Core	No

Year	1. year
Semester	Fall 2024
Level of course	N/A
Type of course	Elective
Prerequisites	No prerequisites.
Schedule	No schedule found.
Lecturer	Vilmar Freyr Sævarsson
Content
The purpose of the course is to provide students with a solid knowledge and understanding of the main principles of income tax, capital gains tax and value added tax and skills and competences to use this knowledge in the context of corporate taxation. The following topics and concepts are covered: Main provisions of law on Income Tax and VAT Law; main principles of limited and unlimited tax liability in Iceland; main rules in relation to deductible expenses; withholding tax on salary payments and on payments to foreign parties; rules regarding mergers and divisions and taxation of profit from sale of assets; filing of tax returns for companies with financial statements in foreign currency; main principles of VAT and different registrations (frjáls og sérstök skráning); VAT filing and payment; establishment of companies; taxation of different forms of companies; tax filings.
Learning outcome - Objectives
Knowledge: Collection of facts, concepts, theories and techniques acquired by students. The student should: - Understand the main provisions of the laws on income tax and value-added tax (VAT) in Iceland - Know the main principles of limited and unlimited tax liability in Iceland - Understand the main rules in relation to deductible expenses - Know about withholding tax rules. - Know the tax-relevant rules in the context of mergers and divisions and understand the taxation of profits from sale of assets - Understand the filing of tax returns for companies with financial statements in foreign currency - Understand the main principles of VAT and different registrations (frjáls og sérstök skráning) as well as how VAT shall be filed and paid - Understand taxation issues when establishing companies, taxation of different forms of companies and tax filings. Skills: The ability to apply knowledge to different tasks in the context of corporate taxation. The student should: - Be able to identify and assess income tax and value-added tax issues - Be able to assess the impact of different legal forms of companies on taxation - Be able to prepare corporate tax filings and VAT filings - Be able to identify relevant tax issues in the context of mergers and divisions - Be able to identify relevant tax issues in the context of the establishment of companies. Competences: The ability to apply knowledge and skills in the context of corporate taxation. The student should: - Be able to manage the tax issues of a company and prepare correct filings and tax calculations.
Course assessment
Reading material
No reading material found.
Teaching and learning activities
Language of instruction	French