TAX acct

Course: ACCT 422	Student name:
Academic Year 1438-1439 H	Students number:
Semester: 2nd	Student grade:
Section:	Level of the Mark:

Saudi Electronic University

College of Administrative and Financial Sciences

Department of Accounting

Course Title	Tax and Zakat Accounting	Course Code	ACCT 422
Assignment No.	First (01)	Due Date	February 17, 2018

Important Instructions:

· Please fill your Name, ID and Section (CRN) at the place provided above.

· Students should not delete the questions of assignment. Questions should be there in the Assignment.

· Maximum marks of each assignment is 10. Marks of each question is provided with the question.

· Rename the file of your assignment as [ACCT 301-38-39-2nd-CRN-Your Name]

· Assignments should be submitted in MS Word format

· Font should be Times New Roman with 14 points.

· You are required to work in this assignment individually.

· You should submit the assignment via the Blackboard.

· Students who submit assignments after deadline, will get ZERO.

· If you engaged in plagiarism, you will get ZERO marks in the assignment or course

· Attempt all the questions.

1. Article 1 of Income Tax Laws of Saudi Arabia has defined various terms used therein. It defines ‘Person’ as any natural person or corporate person. What do you understand by this Natural and Corporate person? (2 Marks)

2. According to the law, any person who does not satisfy the requirements of the status of a resident is called Non-Resident. State the requirement for the status of a resident. (3 Marks)

3. An asset that is encumbered by debt of SAR 15000 whereas its market value is SAR 12500 is disposed of. How much amount is treated as having received compensation by the tax payer according to Article 9? (2 Marks)

4. According to Article 18 (a), Expenses incurred by the taxpayer for the repair or improvement of depreciable assets in each group may be deducted. What are these groups of depreciable assets and mention the depreciable rates for each group. (3 Marks)

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