Tax law - Citizendia

"Tax code" redirects here. Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated Payroll tax generally refers to two kinds of taxes: Taxes which Employers are required to withhold from Employees Pay, also known as Withholding A capital gains tax (abbreviated CGT) is a Tax charged on Capital gains the profit realized on the sale of a non-inventory Asset that was purchased Stamp duty is a form of Tax that is levied on documents Historically a physical stamp (a Tax stamp) had to be attached to or impressed upon the document to denote Land value taxation (LVT (or site value taxation) is an Ad valorem tax where only the value of land itself is taxed A sales tax is a Consumption tax charged at the Point of purchase for certain goods and services Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. A flat tax (short for flat rate tax is a Tax system with a constant tax rate The tax tariff and trade laws of a political region State or Trade bloc determine which forms of consumption and production tend to be encouraged A tax haven is a place where certain Taxes are levied at a low rate or not at all In Economics, tax incidence is the analysis of the effect of a particular Tax on the distribution of economic welfare. In a Tax system and in Economics, the tax rate describes the burden Ratio (usually expressed as a Percentage) at which a business or person is A proportional tax is a Tax imposed so that the Tax rate is fixed as the amount subject to taxation increases A progressive tax is a Tax imposed so that the Tax rate increases as the amount subject to taxation increases A regressive tax is a Tax imposed in such a manner that the Tax rate decreases as the amount subject to taxation increases Tax advantage refers to the economic bonus which applies to certain accounts or Investments that are by Statute, tax-reduced tax-deferred or tax-free Personal income taxes See also Income tax in Australia Only the federal government imposes income taxes on individuals and this is the most significant source of Taxation in the British Virgin Islands is relatively simple by comparative standards photocopies of all of the tax laws of the British Virgin Islands would together amount to about 200 The level of Taxation in Canada is average among Organisation for Economic Co-operation and Development (OECD countries Taxes provide the most important revenue source for the Government of the People's Republic of China. See Government of Colombia for a wider perspective of Colombian government See Government of France for a wider perspective of French government Taxes in Germany —being a Federal Republic —are levied by the federation ( Bund) the States ( Länder) as well as the HK Inland Revenue Ordinance Cap112 is one of Hong Kong's Ordinances Taxes in India are levied by the Central Government and the State Governments This article ls with Taxation in Indonesia or pajak. Definitions "Pajak" in Indonesian for Tax and taxes whereas " Perpajakan The system of Taxation in Ireland is broadly similar to the system of Taxation in the United Kingdom. The Netherlands has a rich history dealing with taxation predating the Romanic period. Taxation in New Zealand is collected at a national level by the Inland Revenue Department (IRD on behalf of the Government of New Zealand. The Income tax in Peru is collected by the Superintendencia Nacional de Administración Tributaria, best known as SUNAT. The Russian Tax Code is the primary tax law for the Russian Federation. Individual income tax in Singapore forms part of two main sources of Income tax, the other being Corporate taxes on companies In Tanzania the Income Tax Act 2004 came into effect in July 2004 Taxation in the United Kingdom may involve payments to a minimum of two different levels of government The central government ( Her Majesty's Revenue and Customs) Taxation in the United States is a complex system which may involve payment to at least four different levels of government and many methods of taxation Value added tax ( VAT) or goods and services tax ( GST) is a consumption Tax levied on value added. Comparison of Tax Rates around the world is a difficult and somewhat subjective enterprise This table lists countries by total 2005 Tax revenues (federal state and local as a percentage of GDP (Gross Domestic Product Economic policy refers to the actions that Governments take in the economic field. Monetary policy is the process by which the Government, Central bank, or monetary authority of a country controls (i the Supply of Money, A central bank, reserve bank, or monetary authority is the entity responsible for the Monetary policy of a country or of a group of member states In Economics, money supply, or money stock, is the total amount of money available in an Economy at a particular point in time The gold standard is a monetary system in which a region's common media of exchange are paper notes that are normally freely convertible into pre-set fixed quantities of Gold Fiscal policy, taking the scope of Budgetary policy, refers to government policy that attempts to influence the direction of the economy through changes in government taxes Government spending or government expenditure is classified by economists into three main types A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in Government debt (also known as public debt or national debt) is Money (or credit) owed by any level of government either Central government Trade is the willing exchange of goods, services, or both Trade is also called Commerce. For other uses of this word see Tariff (disambiguation. A tariff is a tax imposed on goods when they are moved across a political boundary A trade pact is a wide ranging Tax tariff and trade pact that often includes Investment guarantees The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated In Economics, a financial market is a mechanism that allows people to easily buy and sell ( Trade) financial Securities (such as stocks and bonds There are two basic financial market participant categories Investor vs Corporate finance is an area of Finance dealing with the financial decisions Corporations make and the tools and analysis used to make these decisions Personal finance is the application of the principles of Finance to the monetary decisions of an individual or family unit Public finance is a field of economics concerned with paying for collective or governmental activities and with the administration and design of those activities Financial regulations are a form of Regulation or supervision which subjects Financial institutions to certain requirements restrictions and guidelines aiming to A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money Fractional-reserve banking is the banking practice in which Banks keep only a fraction of the value of their Bank notes and demand deposits in reserve Full-reserve banking is the Banking practice in which the full amount of each depositor's funds are available in reserve at the bank when each depositor Free banking is a theory of Banking in which commercial banks and market forces control the provision of banking services Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law ( Sharia) principles and guided by Islamic economics For the term as used in the United Kingdom PAYE system, see Tax code (PAYE). In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue & Customs.

Tax law is the codified system of laws that describes government levies on economic transactions, commonly called taxes. Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society For the government of parliamentary systems see Executive (government. An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area

1 Major issues
2 Tax education from law schools
3 Tax education from business school programs
4 See also

Major issues

Primary taxation issues facing the governments world over include;

taxes on income and wealth (or estates)
taxation of capital gains
taxation of retirement pensions and social security contributions etc. Because of the broad term "wealth" Property tax, capital transfer taxes ( Inheritance tax, Estate tax, Gift tax) Endowment tax Retirement is the point where a person stops employment completely Social security primarily refers to a Social insurance program providing social protection or protection against socially recognized conditions including poverty old
inheritance taxes
taxation of gifts
consumption taxes (or sales tax)
taxation of corporations, LLCs, partnerships

Tax education from law schools

In law schools, "tax law" is a sub-discipline and area of specialist study. Estate tax and Death duty redirect here Inheritance tax, estate tax and death duty are the names given to various taxes which giFT Internet File Transfer ( giFT) is a computer software daemon that allows several File sharing protocols to be used with a simple client having a A consumption tax is a Tax on the income or expenditure for goods and services A sales tax is a Consumption tax charged at the Point of purchase for certain goods and services A corporation is a separate legal entity usually used to conduct business For partnership in cricket terminology see List of cricket terms A partnership is a type of Business entity in which partners A law school (also known as a school of law or college of law) is an institution specializing in Legal education. Tax law specialists are often employed in consultative roles, and may also be involved in litigation. Many U.S. law schools require about 30 semester credit hours of required courses and approximately 60 hours or more of electives. In the United States, a Law school is an institution where students obtain a professional education in law. Law students pick and choose available courses on which to focus before graduation with the J.D. degree in the United States. Juris Doctor (abbreviated JD or JD, from the Latin, Teacher of Law) is a first professional graduate degree and Professional This freedom allows law students to take many tax courses such as federal taxation, estate and gift tax, and estates and successions before completing the Juris Doctor and taking the bar exam in a particular U. Estate tax and Death duty redirect here Inheritance tax, estate tax and death duty are the names given to various taxes which A gift tax is a Tax imposed on the gratuitous transfer of ownership of property Juris Doctor (abbreviated JD or JD, from the Latin, Teacher of Law) is a first professional graduate degree and Professional A bar examination is an examination to determine whether a candidate is qualified to practice Law in a given Jurisdiction. S. state.

There are many fine LLM or Masters in Laws Graduate programs currently being offered in the United States, United Kingdom, Australia, Netherlands etc. The Master of Laws is an advanced Academic degree, or research degree and is commonly abbreviated LL Many of these programs offer the opportunity to focus on domestic and international taxation. International taxation can mean several things the study of the interaction of different countries' Tax laws as they affect individuals and companies with income In the United States most LLM programs require that the candidate be a graduate of an American Bar Association-accredited law school while a mere graduate law degree is a sufficient eligibility criterion in other countries for admission to LLM in Taxation law programmes. The American Bar Association ( ABA) founded August 21 1878 is a voluntary Bar association of Lawyers and law students which is not specific Educational accreditation is a type of Quality assurance process under which services and operations of an educational institution or program are evaluated by an external body A Law degree is the degree conferred on someone who successfully completes studies in law

Tax education from business school programs

There are hundreds of accredited business schools in the USA. Many are accredited by the AACSB or ACBSP or recognized by AAFM. The Association to Advance Collegiate Schools of Business (AACSB was founded in 1916 to accredit schools of business worldwide while the first accreditations took The Association of Collegiate Business Schools and Programs was founded in 1988 to create an organization and an accreditation process designed to fit the needs of business programs The American Academy of Financial Management, or AAFM as it is known is a Board of Standards and Professional association dedicated to the Finance sector and finance These undergraduate or graduate programs may allow the student to major or graduate with a tax related degree such as a Masters in Taxation. Also, the undergraduate focus on accounting would allow a student to go the Certified Public Accountant (CPA) track. Accountancy or accounting is the measurement statement or provision of assurance about financial information primarily used by Lenders managers, Certified Public Accountant ( CPA) is the Statutory title of qualified Accountants in the United States who have passed the Uniform After a student completes the individual state or jurisdictional requirements for accounting, the applicant may sit for the Uniform Certified Public Accountant Examination. The Uniform Certified Public Accountant Examination (Uniform CPA Exam is the examination administered to most people who become Certified Public Accountants in the United

Contents

Major issues

Tax education from law schools

Tax education from business school programs

See also