Explanations on the terms are very condensed and may not be complete. Taxation 2 iia issues paper series tax provisions do not typically form a principal part of iias, partly owing to the existence of the taxspecific dtts. Introduction to income tax law oxford university press. Tax planning arranging ones affairs to take advantage of the obvious and often intended effects of tax rules in order to maximize ones aftertax returns. Introduction to taxation taxes are the price we pay for a civilized society.
Three examples that illustrate the degree of diversity are the relief from personal income taxation for business mileage, the exemption. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt. Federal income taxation examines the fundamental rules controlling the taxation of individuals and serves as the gateway course to all of the other subjects in this practice area. Dependent in income tax law, a relative of the taxpayer child, stepchild, parent, stepparent, sibling, etc. Pdf incometaxation mamalateo ocr david iv dumaluan.
Taxation is truly dynamic, particularly in the fi eld of income taxation. Solicitors are the experts when it comes to the law and how it affects you. Cockfield queens university, faculty of law, kingston, ontario, canada keywords. 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. When tax is taken out of your income before its paid, e. Income tax tax on all yearly profits arising from property, professions, trades or offices, or as a tax on a persons income, emoluments, profits and the like fisher v. May a legislative body enact laws to raise revenues in the absence of a. The definitions provided in this glossary are brief. A code used by the tax authorities to calculate tax to be deducted in the paye system. Notes in taxation law by atty vic mamalateo tax deduction.
The glossary helps people from culturally and linguistically diverse cald backgrounds understand common tax and super. After all, you need to have some idea of the lingo to understand how to work with a tax attorney to. Mamalateo 5 compensation for services in whatever form paid, including, but not. Part of theinternational law commons,jurisdiction commons,taxationtransnational commons, and thetransnational law commons this article is brought to you for free and open access by the faculty scholarship at university of michigan law school scholarship repository. Listed below are facts that will be considered for tax purposes, each will be examined to determine what her taxable income. We have attempted to include the major terms and abbreviations used when discussing taxation issues.
Philippine income tax by mamalateo law book, taxation law. It identifies each property, its owner, and its value for assessment purposes. Lexisnexis quicklaw lnq has a taxation law folder under source directory area of law. Learning the vocabulary of tax claims is just one small part of the enormous system of tax laws that can come into play when you have a tax issue. Tax law or revenue law is an area of legal study which deals with the constitutional, commonlaw, statutory, tax treaty, and regulatory rules that constitute the law applicable to taxation. 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. The selfemployment tax is reported on form 1040, u. The remaining courses explore the taxation of other entities, such as the taxation of corporations and partnerships, the taxation of wealth transfers, and the tax rules applicable to particular transactions or. The aim of the book is said in the preface to be to provide a concise introduction to the policy, principles and practice of the australian federal taxation system. The recent enactment by congress of new tax laws in 20072009, the promulgation by tax authorities of the implementing regulations of these new tax laws as well as the issuance of amendatory regulations and other administrative issuances for existing laws in order to plug loopholes in these laws and to make tax. Tax expenditure this term denotes special preferences provided in income tax laws which depart from the normal tax structure and which are designed to favour a particular industry, activity or class of taxpayer.
The law can be complicated and it is often described in technical terminology that many people might find unfamiliar. The kudoz open glossary is a browsable glossary of terms translated via the kudoz term help network. Textbook on agrarian reform and taxation with cooperatives. History of taxation in the united states by randolph e. This kind of receipt does not fall within the definition of income any. 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. Glossary of tax terms on this page you will find definitions and explanations of common tax words and acronyms for example. However, at a general level, the concise oxford dictionary defines.
In general, tax specialties fall into one of the following. In kiplingers a to z tax glossary, you will find more than 100 tax terms defined in easytounderstand language, along with the latest updates on the facts and figures you need to complete your. Anyone acquainted with that system will appreciate how large and difficult a task. One reason for the limited role of taxation provisions in iias is that the inclusion of taxation matters can sometimes unduly complicate and draw. Interest income includes interest, bill discounts and other taxable income in the nature of interest, but does not include foreign. Gain from the sale of collectibles and, generally, the taxable part of your gain from the sale of qualified small business stock held more than 5. All tax laws should conform to the maxims of taxation equity 1. Even with all the forms and instructions, tax language can seem like latin. Tax dictionary a glossary of useful tax terms and definitions to help you understand taxes and tax concepts. Income tax is a direct tax on actual or presumed income gross or net of a taxpayer received. Budget reserve or reserve state law establishes a budget. Exemption a deduction, based on a status or circumstance, allowed by law to reduce the total amount of taxable income. Reviewer on taxation mamalateo taxation in the united states.
Understanding tax terms can make tax preparation less stressful. Taxation law gw law the george washington university. Cockfield encyclopedia of life support systems eolss tax law arthur j. The details of a tax relief are specified in the tax law, and there are many different forms that tax reliefs can take. A limited liability company is an unincorporated organization organized under state law. It was during the second year of my law school studies sy 20032004 that i started to create a new format for my case notes, since i observed that some cases in the previous year were reiterated in the higher subjects. If you do not find the word you are looking for, please search our website for information on the topic. One has a job of selection when he tries to compress three centuries. Taxation is a means whereby the state collects funds to pay for public services. Direct taxation of assets means their reduction as awhole. They are not considered to necessarily reflect official position of the oecd in interpreting international tax terms, for example, in the tax treaty context. Taxes, taxation and the tax system on of profit is understood as the taxation of individual partial corporate operations from which profit is gradually generated, and therefore represents the taxation of profit in advance. Below is an a to z list of definitions for a number of common terms and phrases related to income tax.
Use the password for the bulletin for international taxation. When a report required by law as a basis for the assessment of any national internal revenue tax shall not be forthcoming within the time fixed by laws or rules and regulations or when there is reason to believe that any such report is false, incomplete. Taxation statement glossary of terms australian interest income. This page provides a general meaning of tax terms and does not represent legal advice. Foundations of taxation law is an impressively ambitious project impressively executed. The recent enactment by congress of new tax laws in 20072009, the promulgation by tax. Ibfd international tax glossary, 7th edition book ibfd. A tax lawyers practice also may be highly specialized. The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day. Business tax lawyers advise business lawyers on the tax consequences of various business transactions, including transactions between corporations and shareholders. The hallmark of the llc is limited liability for its investors combined with partnership onelevel taxation. The ibfd international tax glossary is regarded as an authoritative resource for defining tax and taxrelated terms by its thousands of users all over the world. Glossary of tax terms lawyers, law firms and legal. Professional assistance is often necessary since, even within the legal community, tax issues are acknowledged as particularly complicated.
If the irs or some other taxing authority says you owe more than you think you do or you are seeking to pay what you owe and no more, this tax law keyword glossary is for you. Philippine income tax by mamalateo law book, taxation. She is the author of legal research and citations rex book, a seminal book published in numerous editions, the. Use taxact s tax dictionary to help clarify any confusion while filing taxes. Ibfd international tax glossary, 7th edition why this book. The definition, measurement, and evaluation of tax. Primary taxation issues facing the governments world over include. Reviewer on taxation mamalateo free download as pdf file.
Business and tax glossary germanenglish abfindung severance pay abgabe levy, duty. This glossary provides short definitions of legal terms you will find on this website. Using three approaches, we consider the impact of a major tax reforma 5 percentage point cut in marginal tax rateson longterm growth rates. Notes in taxation law by atty vic mamalateo free download as powerpoint presentation. On 1 october 2011 she was made redundant as part of a company re organisation. Taxation statement glossary of terms public trustee.
Glossary of tax terminology pdf committee on revenue. Federal insurance contributions act fica tax provides benefits for retired workers and their dependents as well as for disabled workers and their dependents. Paul human history becomes more and more a race between education and catastrophe. Get plainenglish definitions that make tax return terminology less, well, taxing. Bulletin for international taxation, global tax surveys, international tax glossary, and world tax journal. Vip very important person used by the new jersey division of taxation. The institute of chartered accountants of nigeria ican was established by act of parliament no. The law presumes youre in business for profit if you report a taxable profit for three years out of any fiveyear period or two out of seven years if youre into.
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