Rules of the Game and Other Odds & Ends

Course Objective - this course is primarily designed to provide the students with a fundamental understanding of income taxation of individuals and business entities; remedies of the government and the taxpayer under the National Internal Revenue Code (NIRC); estate and donor's taxes; VAT; local and real property taxation under the Local Government Code of 1991 (LGC) and general principles under the Tariff and Customs Code of the Philippines (TCCP).

Course Materials -

• Code: NIRC (Rep. Act. No. 8424 or the “Tax Reform Act of 1997”), as amended; Book II, Titles I and II of the LGC (Rep. Act No. 7160); relevant provisions of the TCCP;
• IRR: selected Rev. Regs. and other issuances;
• Textbook/s: none required; suggested reference textbooks: Philippine Income Taxation by Victorino C. Mamalateo & Law of Basic Taxation in the Philippines by Benjamin B. Aban
  

Responsibility for Assigned Readings/Topics - each student is responsible for the assigned readings/topics, whether or not actually taken up in class.

Academic Honesty - the maintenance of academic integrity is the responsibility of each student. Any form of dishonesty, whether in recitation or in exams, is a serious offense and will be dealt with severely.

Grade Distribution - class participation, midterms, finals - 20/40/40.

Policies on Recitation -

• None; recitation is voluntary
• Lecture-type medium of instruction

Policies on Exams - 

No make-up exam rule -

• If a student is unable to take the midterm exam, he/she must produce documentary evidence establishing a valid excuse;
• If a supported and valid excuse is found, the final exam will account for an increased percentage of the student’s final grade in lieu of the missed midterm exam;
• If no such excuse is found, the missed midterm exam will be graded as whichever is lower of 70% or minus 5 percentage points from the lowest grade obtained by any student who took the midterm exam;
• If a student is unable to take the final exam and the inability is excusable, the professor has the sole discretion to re-distribute the composition of the final grade or give a special exam;
• If a student is unable to take the final exam and the inability is inexcusable, the student gets an automatic final grade of 70%.

No change in grade rule - Grades for the exams are determined by a careful process designed to ensure fairness. Therefore, grades will not be changed unless there has been a clerical or computation error.