"Tax code" redirects here. For the alphanumeric code used in the UK, see Tax code (PAYE).
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context. The rates and merits of the various taxes, imposed by the authorities, are attained via the political process inherent in these bodies of power, and not directly attributable to the actual domain of tax law itself.[1]
The Internal Revenue Code is the primary statutory basis of federal tax law in the United States. The Code of Federal Regulations is the Treasury Department's regulatory interpretation of the federal tax laws passed by Congress, which carry the weight of law if the interpretation is reasonable. Tax treaties and case law in U.S. Tax Court and other federal courts constitute the remainder of tax law in the United States.
Tax law is part of public law. It covers the application of existing tax laws on individuals, entities and corporations, in areas where tax revenue is derived or levied, e.g. income tax, estate tax, business tax, employment/payroll tax, property tax, gift tax and exports/imports tax.[1][2] There have been some arguments that consumer law is a better way to engage in large-scale redistribution than tax law because it does not necessitate legislation and can be more efficient, given the complexities of tax law.[3]: 213
Primary taxation issues differ among various countries, although similarities might exist.
Developed countriesedit
Taxes can fail to raise sufficient revenue to cover government spending.[4]
Taxes are generally complex and can be viewed as benefitting high income earners more than they do to lower income earners (in the payment of relatively less tax).[4][5]
Tax evasion and avoidance occur, leading to reduced government revenue.[6]
Taxes can produce poor desired outcomes (lower productivity and provide less incentive for businesses to grow).[4]
Taxes can curb economic growth through inefficiency, e.g. corporate taxes/hurdles that could impede smaller entities to grow.[4]
Taxation can be viewed as disproportionate, as in the case of the taxation of capital gains versus labor income, in which investors generally pay less tax on investment income vs workers who proportionally pay more on their wages.[7][5]
Taxes can remain questionable in achieving desired goals, such the Ecotax which is primarily intended to promote environmentally friendly activities via economic incentives.[8]
Developing countriesedit
Taxes in developing economies can be hard to standardize since most workers work in small, and often unregulated enterprises.[9]
Tax systems without sound establishments and competent administration to run and manage them can be burdensome and inefficient.[9][10]
Tax systems without reliable data are hard to regulate and change.[9][10]
Tax systems tend to have the rich bear a heavier burden of taxation.[9]
Educationedit
Australiaedit
Tax law education is a specialisation of accountants, tax agents, and lawyers. Accountants are required by either CPA Australia to complete a course in law of taxation and law of financial services. There is a legal obligation to complete taxation law and commercial law for registration as a tax agent with the Tax Practitioner's Board. Law students are not typically required to complete a unit in tax law, but may opt to take it as an elective in Australian universities.
Pertaining to the USedit
Pre-requisitesedit
completion of a bachelor's degree - students contemplating tax law might have to consider majoring in economics, accounting or finance.[11]
sitting for Law School Admission Test (LSAT).
Law schooledit
In law school, the students take foundational courses from "constitutional law to civil procedures."[11]
At this level, law students can take more specialized courses in taxation, such as "limited partnerships and income taxes, business liquidations and acquisitions."[11]
Upon completion, the law students graduate with a Juris Doctor (J.D.) degree—which is sufficient for admission to an LL.M. in Taxation.[11]
Post law schooledit
JD graduates may then enroll in a Master of Laws in Taxation (LL.M.), a one-year program. Other concentrations available to students include: estate planning or business taxation.[11]
The Bar exam.
Pertaining to other countriesedit
Post law schooledit
JD graduates enroll in a Master of Laws (LL.M) program, as is seen in Canada, United Kingdom, Australia, and the Netherlands.
General requirementsedit
A bachelor's degree - required for entry into law school.
Law School Admission Test (LSAT) - Required for law school admission in United States, Canada and a growing number of countries. J.D. (Juris Doctor) or First degree in law.
The Juris Doctor (JD) program is offered by only a number of countries. These include: United States, Australia, Canada, Hong Kong, Japan, Philippines, Singapore and the United Kingdom. The courses vary in duration of years, curriculum and whether or not further training is required, depending on which country the program is in.
In Africaedit
Most African countries use the British legal education curriculum in their law educational system to train lawyers.[12]
Overall, legal education, across African countries, starts at the university level as an undergraduate course although a few universities have promulgated a law degree as a graduate program "akin to [that] … in the United States, Canada, and India."[12]
In most African countries, a law degree does not necessarily qualify one to practice as a lawyer. Further post-graduate practical training is required.[12]
Graduates earn an undergraduate law degree, viz. the Bachelor of Laws (LL.B.), via a four-year program (as in Malawi, Kenya, Zambia, and most of South African law universities). Subsequently, graduates with the Bachelor of Laws seek to earn the Master of Laws or greater in order to become practitioners of the law. Some law institutions offer tracks to a Master of Philosophy (M.Phil.), a Doctor of Philosophy degree (Ph.D.), or a Doctor of Laws degree (LL.D.) with emphasis on tax law.[12]
A list of tax faculty ranked by publication downloads is maintained by Paul Caron at TaxProf Blog.[13]
^ abHoutte & McLure, Baron Jean M.J. van & Charles E. (13 June 2011). "Tax law". Encyclopædia Britannica. Retrieved 6 October 2020.
^"Tax Law - Guide to Taxation Law". HG.org Legal Resources.
^Van Loo, Rory (2019-11-01). "Broadening Consumer Law: Competition, Protection, and Distribution". Notre Dame Law Review. 95 (1): 211.
^ abcdKrupkin & Gale, Aaron and William G. (29 September 2016). "Major tax issues in 2017". Brookings Institution.
^ abSteverman, Ben (12 September 2017). "Why American Workers Pay Twice as Much in Taxes as Wealthy Investors". Bloomberg.
^SLEMROD & YITZHAKI, JOEL & SHLOMO (2002). Handbook of Public Economics. Elsevier Science B. V. pp. 1425, Chapter 22.
^Block & McBride, David & William (27 June 2012). "Why Capital Gains are taxed at a Lower Rate". The Tax Foundation.
^"Ecotax championed, contested and still marginal in EU". France 24. 7 September 2019.
^ abcdTanzi & Zee, Vito & Howell. "Tax Policy for Developing Countries". International Monetary Fund.
^ abCarnahan, Michael (28 January 2015). "Taxation Challenges in Developing Countries". Asia & the Pacific Policy Studies. 2: 169–182. doi:10.1002/app5.70. S2CID 154105543.
^ abcde"Tax Lawyer: Educational Requirements and Career Summary". Study.com. Retrieved 14 September 2019.
^ abcdManteaw, Samuel O. "Legal Education in Africa: What Type of Lawyer Does Africa Need". McGeorge Law Review. 39 (4): 919 to 928 – via Scholarly Commons (2016).
^Caron, Paul (January 28, 2016). "SSRN Tax Professor Rankings". TaxProf Blog.
External linksedit
Media related to Tax law at Wikimedia Commons
February 16, 2024
code, redirects, here, alphanumeric, code, used, code, paye, revenue, area, legal, study, which, public, sanctioned, authorities, such, federal, state, municipal, governments, case, body, rules, procedures, laws, assess, collect, taxes, legal, context, rates, . Tax code redirects here For the alphanumeric code used in the UK see Tax code PAYE Tax law or revenue law is an area of legal study in which public or sanctioned authorities such as federal state and municipal governments as in the case of the US use a body of rules and procedures laws to assess and collect taxes in a legal context The rates and merits of the various taxes imposed by the authorities are attained via the political process inherent in these bodies of power and not directly attributable to the actual domain of tax law itself 1 The Internal Revenue Code is the primary statutory basis of federal tax law in the United States The Code of Federal Regulations is the Treasury Department s regulatory interpretation of the federal tax laws passed by Congress which carry the weight of law if the interpretation is reasonable Tax treaties and case law in U S Tax Court and other federal courts constitute the remainder of tax law in the United States Tax law is part of public law It covers the application of existing tax laws on individuals entities and corporations in areas where tax revenue is derived or levied e g income tax estate tax business tax employment payroll tax property tax gift tax and exports imports tax 1 2 There have been some arguments that consumer law is a better way to engage in large scale redistribution than tax law because it does not necessitate legislation and can be more efficient given the complexities of tax law 3 213 Contents 1 Major issues 1 1 Developed countries 1 2 Developing countries 2 Education 2 1 Australia 2 2 Pertaining to the US 2 2 1 Pre requisites 2 2 2 Law school 2 2 3 Post law school 2 3 Pertaining to other countries 2 3 1 Post law school 2 3 1 1 General requirements 2 3 1 2 In Africa 3 Taxation by jurisdiction 4 See also 5 References 6 External linksMajor issues editPrimary taxation issues differ among various countries although similarities might exist Developed countries edit Taxes can fail to raise sufficient revenue to cover government spending 4 Taxes are generally complex and can be viewed as benefitting high income earners more than they do to lower income earners in the payment of relatively less tax 4 5 Tax evasion and avoidance occur leading to reduced government revenue 6 Taxes can produce poor desired outcomes lower productivity and provide less incentive for businesses to grow 4 Taxes can curb economic growth through inefficiency e g corporate taxes hurdles that could impede smaller entities to grow 4 Taxation can be viewed as disproportionate as in the case of the taxation of capital gains versus labor income in which investors generally pay less tax on investment income vs workers who proportionally pay more on their wages 7 5 Taxes can remain questionable in achieving desired goals such the Ecotax which is primarily intended to promote environmentally friendly activities via economic incentives 8 Developing countries edit Taxes in developing economies can be hard to standardize since most workers work in small and often unregulated enterprises 9 Tax systems without sound establishments and competent administration to run and manage them can be burdensome and inefficient 9 10 Tax systems without reliable data are hard to regulate and change 9 10 Tax systems tend to have the rich bear a heavier burden of taxation 9 Education editAustralia edit Tax law education is a specialisation of accountants tax agents and lawyers Accountants are required by either CPA Australia to complete a course in law of taxation and law of financial services There is a legal obligation to complete taxation law and commercial law for registration as a tax agent with the Tax Practitioner s Board Law students are not typically required to complete a unit in tax law but may opt to take it as an elective in Australian universities Pertaining to the US edit Pre requisites edit completion of a bachelor s degree students contemplating tax law might have to consider majoring in economics accounting or finance 11 sitting for Law School Admission Test LSAT Law school edit In law school the students take foundational courses from constitutional law to civil procedures 11 At this level law students can take more specialized courses in taxation such as limited partnerships and income taxes business liquidations and acquisitions 11 Upon completion the law students graduate with a Juris Doctor J D degree which is sufficient for admission to an LL M in Taxation 11 Post law school edit JD graduates may then enroll in a Master of Laws in Taxation LL M a one year program Other concentrations available to students include estate planning or business taxation 11 The Bar exam Pertaining to other countries edit Post law school edit JD graduates enroll in a Master of Laws LL M program as is seen in Canada United Kingdom Australia and the Netherlands General requirements edit A bachelor s degree required for entry into law school Law School Admission Test LSAT Required for law school admission in United States Canada and a growing number of countries J D Juris Doctor or First degree in law The Juris Doctor JD program is offered by only a number of countries These include United States Australia Canada Hong Kong Japan Philippines Singapore and the United Kingdom The courses vary in duration of years curriculum and whether or not further training is required depending on which country the program is in In Africa edit Most African countries use the British legal education curriculum in their law educational system to train lawyers 12 Overall legal education across African countries starts at the university level as an undergraduate course although a few universities have promulgated a law degree as a graduate program akin to that in the United States Canada and India 12 In most African countries a law degree does not necessarily qualify one to practice as a lawyer Further post graduate practical training is required 12 Graduates earn an undergraduate law degree viz the Bachelor of Laws LL B via a four year program as in Malawi Kenya Zambia and most of South African law universities Subsequently graduates with the Bachelor of Laws seek to earn the Master of Laws or greater in order to become practitioners of the law Some law institutions offer tracks to a Master of Philosophy M Phil a Doctor of Philosophy degree Ph D or a Doctor of Laws degree LL D with emphasis on tax law 12 A list of tax faculty ranked by publication downloads is maintained by Paul Caron at TaxProf Blog 13 Taxation by jurisdiction editAfricaTaxation in South Africa Taxation in TanzaniaAmericasTaxation in Argentina Taxation in Canada Taxation in Colombia Taxation in the British Virgin Islands Taxation in Peru Taxation in the United StatesAsiaTaxation in China Taxation in the People s Republic of China Taxation in India Taxation in Iran Taxation in the Palestinian territoriesEuropeTaxation in the European Union Taxation in Azerbaijan Taxation in Bulgaria Taxation in France Taxation in Germany Taxation in the Republic of Ireland Taxation in the Netherlands Taxation in Poland Taxation in Portugal Taxation in Russia Taxes in Spain Taxation in the United KingdomOceaniaTaxation in Australia Taxation in New ZealandSee also editCorporate law Corporate taxReferences edit a b Houtte amp McLure Baron Jean M J van amp Charles E 13 June 2011 Tax law Encyclopaedia Britannica Retrieved 6 October 2020 Tax Law Guide to Taxation Law HG org Legal Resources Van Loo Rory 2019 11 01 Broadening Consumer Law Competition Protection and Distribution Notre Dame Law Review 95 1 211 a b c d Krupkin amp Gale Aaron and William G 29 September 2016 Major tax issues in 2017 Brookings Institution a b Steverman Ben 12 September 2017 Why American Workers Pay Twice as Much in Taxes as Wealthy Investors Bloomberg SLEMROD amp YITZHAKI JOEL amp SHLOMO 2002 Handbook of Public Economics Elsevier Science B V pp 1425 Chapter 22 Block amp McBride David amp William 27 June 2012 Why Capital Gains are taxed at a Lower Rate The Tax Foundation Ecotax championed contested and still marginal in EU France 24 7 September 2019 a b c d Tanzi amp Zee Vito amp Howell Tax Policy for Developing Countries International Monetary Fund a b Carnahan Michael 28 January 2015 Taxation Challenges in Developing Countries Asia amp the Pacific Policy Studies 2 169 182 doi 10 1002 app5 70 S2CID 154105543 a b c d e Tax Lawyer Educational Requirements and Career Summary Study com Retrieved 14 September 2019 a b c d Manteaw Samuel O Legal Education in Africa What Type of Lawyer Does Africa Need McGeorge Law Review 39 4 919 to 928 via Scholarly Commons 2016 Caron Paul January 28 2016 SSRN Tax Professor Rankings TaxProf Blog External links edit nbsp Media related to Tax law at Wikimedia Commons Retrieved from https en wikipedia org w index php title Tax law amp oldid 1189105341, wikipedia, wiki, book, books, library,
