TAXATION

New topics CPA BORAD EXAM

As of October 2017
I. TAXATION UNDER THE LOCAL GOVERNMENT CODE
A. Scope and different types of local taxes (Limited to real property tax, local business tax)
B. Tax base and tax rates
C. Venue and time of filing of tax returns
D. Venue and time of payment
II. PREFERENTIAL TAXATION
A. Senior Citizens Law
(1) Exemption from income tax of qualified senior citizens
(2) Tax incentives for qualified establishments selling goods and services to senior citizens

B. Magna Carta for Disabled Persons

(1) Tax incentives for qualified establishments selling goods and services to senior citizens

C. Special Economic Zone Act

(1) Policy and the Philippine Economic Zone Authority
(2) Registration of investments
(3) Fiscal incentives to PEZA-registered economic zone enterprises

D. Omnibus Investments Code (Book 1 of Executive Order 226)

(1) Policy and the board of investment (BOI)
(2) Preferred areas of investment
(3) Investments Priority Plan
(4) Registration of investments
(5) Fiscal incentives to BOI registered enterprises

E. Barangay Micro Business Enterprises (BMBEs) Act

(1) Registration of BMBEs
(2) Fiscal incentives to BMBEs

F. Double Taxation Agreements (DTA)

(1) Nature and purpose of DTAs
(2) Manner of giving relief from double taxation
(3) Procedure for availment of tax treaty benefits
 REGULATORY FRAMEWORK FOR USINESS TRANSACTIONS
(Formerly Business Law)
New topics in CPA Board Exam
as of October 2017
A. INSOLVENCY LAW (8) Merger and consolidation of cooperatives
(1) Definition of insolvency (9) Dissolution of cooperatives
(2) Suspension of payments
(3) Voluntary insolvency E. PDIC LAW
(4) Involuntary insolvency (1) Insurable deposits
(2) Maximum liability
B. CORPORATE REHABILITATION (3) Requirements for claims
(1) Definition of terms
(2) Stay order F. SECRECY OF ANK DEPOSIT AND
(3) Receiver UNCLAIMED BALANCES LAW
(4) Rehabilitation plan
(5) Contents of petition and other types of G. GENERAL BANKING LAW
Rehabilitation (1) Definition of Banks

C. BOUNCING CHECKS H. AMLA LAW

(1) Checks without insufficient funds (1) Covered transactions
(2) Evidence of knowledge of insufficient funds (2) Suspicious transactions
(3) Duty of Drawee (3) Reportorial requirement
(4) Credit construed
I. THE NEW CENTRAL BANK ACT
D. COOPERATIVES (1) Legal tender power over coins and note
(1) Organization and registration of Cooperatives (2) Conservatorship
(2) Administration (3) Receivership and Closures
(3) Responsibilities, Rights, and privileges of
cooperatives J. INTELLECTUAL PROPERTY LAW
(4) Capital, property of funds (1) The law on patents
(5) Audit, inquiry and member’s right to examine (2) The law on trademark, service marks and trade
(6) Allocation and distribution of funds names
(7) Types and categories of cooperatives (3) The law on copyright