Introduction to taxation lecture notes pdf

Tax implications of being resident enterprises in nonoil cita cap c21 lfn 2004 lecture notes on intl taxation presented by m. Look at tutorial questions 25, and work through rr chapter 2. The world has changed rapidly, and financial accounting especially tax accounting attracts the attention of a variety of stakeholders compared to. Taxes are levied in almost every country of the world, primarily to raise. Therefore principlescanons of taxation are signposts in the economy, which should guide the. Meaning of tax tax is the principal source of revenue to government of. Before we begin with the public finance, we would like to point out the major functions of a modern government. Ca23 public finance and taxation pdf notes kasneb notes. The origin of tax law and its constitutionality is discussed along with a brief history of the different changes in rates that have occurred since the 16th amendment was passed. The courts are not allowed to interfere with the collection of taxes 5. An individual income tax, also called a personal income tax, is a tax on a persons income. Introduction to taxation government plays an important role in most modern economies. View notes lecture note on taxation from acc 221 at federal university, dutsinma. For efficiency and space reasons textbook examples are not copied to the slides.

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 1418 income from serviced 1924 fringe benefit tax fbt 2531 income from businesses 3233 income from property 3442 taxation of capital gains 4350 deduction i general. United states model income tax convention of september 20, 1996 374 4. They are able to do this from the revenue they collect through taxation. Taxation of income from business and investment international. The principal uk taxes are introduced and classified and the main sources of tax law are explained. Intoduction to public finance and taxation theory 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. Introduction to taxation our purposes, the sections on tax structure, types of tax, tax administration, and understating the tax law will be relatively. The basic principle of the individual income tax is that the taxpayers income from all sources should be combined into a. Taxation can redistribute a societys wealth by imposing a heavier tax burden on one group in order to fund services for another.

Chapter 1 introduction to tax accounting in addition, the place that accounting for income taxes and the respective standard has in the current environment is depicted and explained. Important developments in 20th century income taxation. 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. Taxes will create distortions in an economy when its introduction changes the relative prices perceived by various agents. Law is essential to any society in that it provides the rules by which people and businesses interact. Background to taxation 1 introduction to taxation the evolution of taxation is attributed to the development of the modern state, which led to increased expenditure for infrastructure and public services.

Income includes wages, salaries, and other earnings from ones occupation. Introduction to taxation taxes are the price we pay for a civilized society. This course entails computation of taxable incomes and tax payable. Tax is imposed even in the absence of a constitutional grant. 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. Rajan test bank chapter 4 summary case summaries cheat sheet for final exam 2015 exam 2014, questions and answers. A taxpayer may be liable to nigerian taxation, either because he is resident in nigeria or because the source of hisits income is located there. Today i have no problem, i even had an emotional time over the weekend where i did eat a little too much but it didnt affect me at all.

League of nations model bilateral convention with commentaries for the. Auditing books pdf definition, explanation, basics. All tax laws should conform to the maxims of taxation equity 1. It is part of the educational kit and takes the students step by step through each phase of preparation stressing key concepts, pointers and procedures. Download public finance and taxation pdf notes download click here to purchase public finance and taxation notes paper no. Meaning of tax tax is the principal source of revenue to government of any nation, apart from the fact that it also serves as a tool for economic stabilization and redistribution of income among economic agents.

Taxation papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses. You may be wondering, what exactly is the internet, and how does it work. Among the most important is the recognition that fiscal and monetary policies are linked through the government sectors budget constraint. The documents, which communicate these findings about the performance of an organisation in monetary terms, are called financial statements. The first general income tax in europe was imposed by william pitt during the napoleonic wars. Claims for tax exemption are construed against taxpayers.

May 21, 2015 this course entails computation of taxable incomes and tax payable. In writing this book, the author was guided by a view that as income tax law becomes increasingly complex the best approach to its teaching is to return to basics. United nations model double taxation convention between developed and developing countries january 11, 2001 357 3. In addition to using taxation to raise money, governments may raise or lower taxes to achieve social and economic objectives, or to achieve political popularity with certain groups. For example vale added tax was introduced since it would provide more. 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. From online teaching and learning tools to personalised learning, and from online and blended course design to trusted and engaging content, we help you help your students be the best they can possibly be. In the united states, the role of the government extends from providing for national defense to providing social security and medicare to the elderly. Some of the mediaeval states also taxed the rents of land, official salaries and professional gains. As a subject, taxation is a study of how the government imposes on and collects taxes from, the income and wealth of individuals and corporations to finance its social and regulatory activities. Chapter 1 introduction to the uk tax system introduction the purpose of this first chapter is to provide an overview of the uk tax system.

The government reserves the right to choose the objects of taxation. Describes some of the main taxes used by most developed and developing countries. Here we have provided detailed information for auditing books. Basic introduction to accounting is about the purpose of accounting is to provide a means of recording, reporting, summarizing, and interpreting economic data. This chapter also outlines the structure and the functions of her majestys. Lecture notes, lecture introduction to taxation law rn. In preparation of that, we present in the following some principles. Oecd model tax convention on income and on capital january 28, 2003 341 2. Although the history is interesting, for 1 unit 01. Introduction to the uk tax system 7 hmrc has specialist offices which deal with such matters as pension schemes, charities, trusts and so forth but most of the daytoday work relating to direct taxation takes pl ace in. Basic international taxation second edition volume i.

The study of taxation usually covers the entire tax system which is made up of tax policy, law and administration. It provides an introduction to the law and practice of income taxation in australia, including capital gains tax. This implies that, if capital taxation increases in sector 1, then the net return of capital must decrease in the whole economy, and not only for capital used in sector 1. Taxation law revision notes, book, ebook for llblaw. Here we have provided some details for introduction to accounting textbook.

Lecture notes taxes and business strategy sloan school of. A dip international tax 2018 lecture 2 it notes to lecture. Sep 20, 2015 compose of introduction to taxation, concepts and types. On the other hand, a shift in the marginal tax rate causes a distortion in the labor supply through a substitution e. Law affects almost every function and area of business. In this section we will introduce the problem of optimal income taxation. Introduction to the tax system taxes income tax capital gains tax cgt commenced 20 september 1985 fringe benefits tax fbt commenced 1 july 1986 goods and services tax gst commenced 1 july 2000 sources of taxation law 1. Taxation may be referred to as the revenue raising activity of the government. Each of the three levels of government has responsibility for providing certain services to the community. Tax is the money governments, particularly the federal and state governments, collect to pay for services they provide to the community. Introduction to taxation lesson 1 learn taxation in 50. Dec 20, 2017 this feature is not available right now. Lecture 2 it notes to lecture principles of taxation primer 8. You can easily search, bookmark, highlight, and underline the text material.

Introduction to public finance market failure, public goods and externalities income distribution and welfare macroeconomic stabilization, regulatory and control role topic 2 government revenues factors influencing the size of the government revenues the size, the composition and the dynamic of government revenues in ro and. Read it with the goal of gaining a broad understanding of tax purposes and principles. Governments use tax revenues to pay soldiers and police, to build dams and roads, to operate schools and hospitals, to provide food to the poor and medical care to the elderly, and for hundreds of other purposes. A lumpsum change in the level of taxes at a given income changes labor supply through an income e. Variations in the inflation rate can have implications for the fiscal authoritys. When taxes are imposed, certain conditions must be fulfilled and these conditions are known as principlescanons, guidelines of taxation.

This should be borne in mind when we undertake research in a more adequate and just taxation system as well for our three countries. May 12, 2015 intoduction to public finance and taxation theory 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. Income received in advance is taxable upon receipt. But if you are new to the online experience, it may be a bit overwhelming. Public finance is that branch of general economics which deals with financial activities of the state or. Pdf bat 514 taxation i complete lecture notes kabir hamid. This unit forms part of the master of professional accounting course providing nonaccounting graduates with knowledge and skills in accounting. Lecture notes taxes and business strategy sloan school. Minimum tax minimum tax was introduced to ensure that taxpayers do not. Access study documents, get answers to your study questions, and connect with real tutors for tax 3362. Lecture notes introduction to financial and managerial. In 1983 william pitt become britains prime minister and in 1799 pitt introduced new income taxes. Introduction welcome to mgmt8637 principles of taxation.

For example, it violates the principle of horizontal equity if one person buys an item in a local store and must pay sales tax, while another person buys the same item over the internet, and does not pay sales tax. Tax planning is an important area as far as the fiscal management of a company is concerned. In order to provide for these program and services, the government needs revenues. Can one claim advertising expenses once off website design as a deductible expense under the general deductions formula. Economics deals with resource allocation and seeks to answer the three questions of. This pdf document allows you to expand the table of contents on the lefthand side of the page. Introduction to canadian taxation at western university.

This chapter also introduces the various taxable and nontaxable business entities and provides an overview of tax planning. Taxation is a means whereby the state collects funds to pay for public services. Notes on income tax laws tax year 2012 muhammad ovais, deloitte th mfc 3 company. This edition of introduction to taxation was originally published as fundamentals of federal income tax law. Taxation, system of raising money to finance government. Taxation law revision notes, book, ebook for llblaw students. Lectures notes on economics of taxation hanming fang october 14, 2004 contents 1 tax incidence 2. Find materials for this course in the pages linked along the left. Definition of taxes and the history of taxation in uganda 2. Lecture notes, audit and assurance course 111 lecture notes, taxation law, course 1 book solutions cost accounting. An introduction 4 overview access to text all of this material in this text is available in desktop and mobile browser or pdf format at. All governments require payments of moneytaxesfrom people. Hi fellow law students, i am sharing pdf notes, book and ebook for the subject taxation law for llb and ba. The rationale is to provide students with reliable content that helps them to grasp the core concepts of taxation.

Taxation, imposition of compulsory levies on individuals or entities by governments. T e x t public finance is the department of economic theory that deals with public expenditure and revenue. Executive programme tax laws and practice this study material has been published to aid the students in preparing for the tax laws and practice paper of the cs executive programme. A very short introduction stephen smith very short introductions. Taxation causes transfer of purchasing power from tax payers to the public authorities. Principles and practice of taxation lecture notes income tax. Cost accounting helps consumers in getting goods of better quality at reasonable price. Principles and practice of taxation lecture notes free download as pdf file. Taxation in theory and practice lecture notes, lectures 1 10. Tax is a compulsory contribution by person to the state to enable it meet its expenses for a common course. Static and dynamic labor supply in this section, we will brie. Hbc 2123 introduction to taxation, lecture notes for business taxation and tax management. Explains the role that taxes play in a modern economy.