Thescience of taxation coillprises two subjects to which the character of pure theory may be ascribed. The university of dodoma 1 theories of taxation tax or taxation is a compulsory contribution to the state revenue, levied by the government on personal income and business profits or added to the cost of some goods, services and transactions, at fixed rate mostly proportionate to the amount on which the contribution is levied 1. Lecture notes macroeconomics econ 510a, fall 2010, yale university fiscal policy. Lecture notes taxes and business strategy sloan school of. Therefore principles canons of taxation are signposts in the economy, which should guide the. The tax is not paid for any specifi c service rendered by the tax authority to the tax payer. On the general principles of taxation, as illustrating the advantages of a perfect income tax. Fundamental principles of taxation 31 effectiveness and fairness. You will become familiar with accounting debits and credits as we show you how to record. Llb bachelor of legislative law course is the most common undergraduate course of legal law education offered by many law colleges and universities in india. Find all the study resources for principles of taxation law by k. Whereas it is provided by section 45l of the companies income tax act, section 381 of the personal income tax act and section 61l of the petroleum profits tax act that if the minister of finance by order declares that arrangements specified in the order have been made with the government of any country outside nigeria with a view to affording relief from double taxation in relation to. Basis of recognition of profits and income residential status difference between direct and indirect tax.
The interesting point which can be underscored is that at all times there was discussion about the correct taxation principles andor the just taxation system and that at no time. Taxation papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses. In this article we will discuss about the principles of taxation. Notes on income tax laws tax year 2012 muhammad ovais, deloitte th mfc 3 company. Principles of taxation foundation for economic education. Download public finance and taxation pdf notes download click here to purchase public finance and taxation notes paper no. Objective of this book is to explain the income tax administration in india. Principles of international taxation chartered institute of.
Bcom 1st 2nd 3rd year books notes free pdf download. Taxes, taxation and the tax system taxes,taxation and the tax system prof. The primary purpose of taxation is to raise revenue to meet huge public expenditure. Turnover tax is charged on income or receipts from business by taxable persons of a turnover between sh. Scribd is the worlds largest social reading and publishing site. Taxation is a means whereby the state collects funds to pay for public services. Fundamental principles of nigerian taxation by seyi, ojo. Some persons now pay no income tax at all on their earnings. Taxes are levied in almost every country of the world, primarily to raise.
Tax planning is an important area as far as the fiscal management of a company is concerned. International business taxation astudyintheinternationalization of businessregulation solpicciotto emeritusprofessor,university of lancaster. It provides for levy, administration, collection and recovery of income tax. Auditing books deals with the auditing is such an examination of books of accounts and vouchers of business, as will enable the auditors to satisfy himself that the balance sheet is properly drawn up, so as to give a true and fair view of the state of affairs of the business, according to the best of. It then provides an overview of the principles underlying corporate income tax, focusing primarily on the taxation of crossborder income both. The focus is on key issues such as principles of international tax law, residence, double taxation conventions and treaty interpretation, transfer pricing, the work of the oecd and international tax avoidance. When taxes are imposed, certain conditions must be fulfilled and these conditions are known as principlescanons, guidelines of taxation. Principles of taxation in kenya by cpa john muiruri icpak. Yale university november 28, 2010 1 fiscal policy to study questions of taxation in the neoclassical growth model, we need to extend it to allow for government spending and taxation. Without taxation, the equilibrium is computed as follows.
International businesstaxation tax justice network. The most important source of government revenue is tax. Taxation papers are written by the staff of the european commission s directorategeneral for taxation and customs union, or by experts working in association with them. May 12, 2015 intoduction to public finance and taxation theory. Lecture notes, lecture introduction to taxation law rn studocu. Our team of experts are at hand to offer tax solutions for all business categories. The turnover tax is explained in chapter 5 in detail. Article 24 elimination of double taxation this article discusses the methods of elimination of double taxation. These principles are still considered to be the starting point of sound public finance. Taxation should seek to be neutral and equitable between forms of business activities. Difference between accounting profit and taxable profit.
Fundamental principles of taxation this chapter discusses the overarching principles of tax policy that have traditionally guided the development of tax systems. Syllabus d1c understand the general principles of the operation of a sales tax. Efficient a tax system should raise enough revenue such that government projects can be adequately sponsored, without burdening the economy too much not particularly the tax payer, as not to become a disincentive for performance internal and external investment, work returns and savings. In the wealth of nations book v, chapter 2 he set down four general canons. In addition, the potential for evasion and avoidance should be minimised. The ways by which revenue authorities interact with taxpayers and employees impact on the public perception of the tax system and the degree of voluntary. In the united states, the role of the government extends from providing for national defense to providing social security and medicare to the elderly. According to john stuart mill, the four principles of taxation are that the system be efficient, understandable and equitable and those who benefit from publiclyprovided services should sponsor and pay for those services through taxes. This book deals with the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. An accountant has a suggestive but very specific job to do in this regard by indicating ways to minimise the tax liability through his knowledge of concessions and incentives available under the existing taxation framework of the country. Tax compliance, tax evasion and tax avoidance a meaning b factors influencing tax compliance 9. Taxation in theory and practice lecture notes, lectures 1 10.
A read is counted each time someone views a publication summary such as the title, abstract, and list of authors, clicks on a figure, or views or downloads the fulltext. In all nigeria treaties, elimination of double taxation is granted by credit method. The income tax act, 1961 is the charging statute of income tax in india. The former relates to the principles on which taxes on. University of michigan and nber january 2002 we would very much like to thank alan auerbach and joel slemrod for comments on an earlier draft. Taxation in uganda at grant thornton, we appreciate the unique nature of tax law and the fundamental principles that underlie its interpretation and application.
International tax principles and tax treaties comments 22 2. Public finance is the term, which has traditionally been used or applied to the packages of those policy problems, which involve the use of tax. Principles of taxation are those formal guidelines which are widely accepted andor discussed and should be considered whenever specific laws are proposed, discussed and implemented. Ca23 public finance and taxation pdf notes kasneb notes. Gordon university of california san diego and nber and james r. The law was thought to be sufficient to drive many cigarette companies out of business, and was questioned in. Principles of public finance and taxation atd dcm level iii study text kasneb july 2018 syllabus revised on. Introduction to taxation taxes are the price we pay for a civilized society. Find materials for this course in the pages linked along the left.
Taxation, revenue authorities and ethical issues, tax audit and investigation, tax appeal tribunal and interpretation of tax laws, tax planning and tax avoidance, taxation of incomes, offences and penalities, taxation of income from settlement, trusts and estates, value added tax, capital allowances, tax effects of privatisation and. Adil hussain in ca pakistan, income tax, sales tax on december 8, 2016. Jan 14, 2011 attempts to provide a theoretical grounding to the practice of taxation are reflected in various theories of taxation, the evolution of which took place together with the development of various directions in economic thought. Adam smith, the father of modem political economy, has laid down four principles or cannons of taxation in his famous book wealth of nations. When taxes are imposed, certain conditions must be fulfilled and these conditions are known as principles canons, guidelines of taxation. Rajan test bank chapter 4 summary case summaries cheat sheet for final exam 2015 exam 2014, questions and answers. Read it with the goal of gaining a broad understanding of tax purposes and principles. Principles and practice of taxation lecture notes income. Income taxation in practice in the us and europe, a large share of tax revenue is raised through the income tax i for example in the u. Taxation law notes blaw pages content 24 introduction and administration of the australian tax system 510 jurisdiction to tax 11 tax payable and introduction to income. Canonsprinciples of taxation by adam smith some other.
Read, highlight, and take notes, across web, tablet, and phone. Taxation bar exam questions on general principles of taxation congress passed a sin tax law that increased the tax rates on cigarettes by 1,000%. Free tax books download ebooks online textbooks tutorials. Notes on taxation by khalid petiwala for caf future. Applied taxation module 1 tax 402 ii for 2018 cta 2 exams property of caa learning media caa caa learning media is an icaz approved learning partner. The tax paid becomes revenue and is used to provide public goods and services to all citizens. Although they need to be reinterpreted from time to time, these principles retain remarkable relevance.
Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. This article is concerned with taxation in general, its principles, its objectives, and its effects. In other words, taxation policy has some nonrevenue objectives. Chapter 2 fundamental principles of taxation oecd ilibrary. This chapter discusses the overarching principles of tax policy that. A customerfirst approach during unprecedented times. To find our way around them, some sort of classification is necessary. Truly speaking, in the modern world, taxation is used as an instrument of economic policy. Taxation law revision notes, book, ebook for llblaw. The pure theoey of taxation the theory of the inciilence of taxation. Taxation notes these taxation notes had been prepared for students who are doing advanced taxation modules for professional bodies as well as for honours and master degrees levels. I shall suggest that the main difference is that they are interested in principles while we think of tax law as. Tax rates tax rates payments residents nonresidents notes % % dividends 5%. Centre for tax policy and administration principles of good.
Introduction to taxation our purposes, the sections on tax structure, types of tax, tax administration, and understating the tax. Notes on audit caf by khalid petiwala leave a reply cancel reply. Ireland 2790025 2005 undergraduate study in economics, management, finance and the social sciences. Introduction to taxation history of taxation principles of an optimal tax system single versus multiple tax systems classification of taxes and tax rates impact incidence and tax shifting, lax shifting theories. Taxation books what is taxation all about uk taxation taxation in png ngo taxation taxation law taxation sa what is taxation taxation taxation p6 bpp taxation taxation pdf f6 taxation principles of taxation pdf taxation principles pdf taxation. It is 3 years under graduation course that provides you wide career opportunities in accounts, commerce, management fields. This whole, properlyacquired and utterly updated textual content material, now in its third model, continues to supply an indepth analysis of the important concepts of auditing emphasising the smart options of the course. The rationale is to provide students with reliable content that helps them to grasp the core concepts of taxation. In time, though, the tax came to be accepted as a vital price for winning the war against napoleon. Auditing books pdf definition, explanation, basics. Here we have provided some details for basic accounting principles textbook. Here we have provided detailed information for auditing books. In addition to the above common features of tax, the defi nitions of tax by some tax experts as listed below are important.
The 18thcentury economist and philosopher adam smith attempted to systematize the rules that should govern a rational system of taxation. Study of the income tax, heads of income, tax audit, indirect tax, assessment of tax payable. Chapter 2, legal framework for taxation 3 taxation rests on the combination of two other constitutional provisions. Principles of international taxation this module is based on the oecd model convention, and is compulsory for all candidates. Taxation, imposition of compulsory levies on individuals or entities by governments. Chapter 16, taxation of income from business and investment 1 16 taxation of income from business and investment lee burns and richard krever lobbyists know that a 0 percent tax rate on capital income is not, in fact, the lowest possible rate. Federal income taxation of corporations and shareholders with 2017 supplement. Although the history is interesting, for 1 unit 01. Gentlementhe duties of a government, as enumerated by adam smith, are four in number. Importado cpa, mba objectives at the end of this lecture, the students shall be able to. In order to provide for these program and services, the government needs revenues.
The module in basic taxation previously known as the graduate programme in the principles and practical application of taxation is a building block towards the knowledge and practical skills components of the tax technician and tax professional qualification offered through the south african institute of tax sait za. With summaries written by fellow students, you are guaranteed to be properly prepared for your exams. Sales tax is an indirect tax on the supply of goods and services which is eventually borne by the final customer. Hi fellow law students, i am sharing pdf notes, book and ebook for the subject taxation law for llb and ba. Principles of an optimal tax system single versus multiple tax systems. Taxation is the inherent power of the sovereign, exercised through the legislature, to impose burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of government. Sales tax this is tax imposed on sale of commodities which was abolished in kenya. This means we work closely with icaz to ensure this study text contains the information.
Most governmental activities must be financed by taxation. Taxation should produce the right amount of tax at the right time, while avoiding both double taxation and unintentional nontaxation. Principles and practice of taxation lecture notes free download as pdf file. Value added tax vat is payable by a person when taxable supplies are. Since many view taxation as a necessary evil, it should be administered in such a way as to create minimum pain to the payer, just like the honey bee which collects nectar from the flower without hurting the flower. Basic international taxation second edition volume i. The book discusses intimately, classification and preparation of an audit, inside control system, inside audit, vouching. For a long time, the classical taxation theory was of most importance.
Principles of taxation law in kenya volume 2 of business studies series. Objectives and game plan provide an overview of the class provide some background on tax policy and the economics of taxation outline the key points of scholeswolfson framework 15. Finance act taxation with train law principles of taxation business taxation malaysia taxation. Other principles that a good tax policy should have. The consumptions of good 1 and 2 are x1 1 2,x2 1 2c and the consumer achives a utility of u 1 4c.
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