Taxation is a branch of the accounting field that studies taxation principles, policies and alternative taxation systems. Taxation refers to compulsory or coercive money collection by a levying authority, usually a government. The term "taxation" applies to all types of involuntary levies, from income to capital gains to estate taxes. Though taxation can be a noun or verb, it is usually referred to as an act; the resulting revenue is usually called "taxes."
Tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is punishable by law.
Scope of Taxation
Taxation course familiarizes students with an overview of taxation principles, policies and alternative taxation systems. Taxation degree programs are designed to prepare students to provide tax advice and services to individuals, corporations and government entities. Taxation degrees are can be earned at the associate, bachelor and master level.
In the absence of limitations provided by the constitution, the power to tax is essentially unlimited, plenary, comprehensive, far reaching, and supreme. Taxation compasses every trade or occupation, every object or industry or possession of property. It levies a burden which, in case of failure to discharge, seizure or confiscation of property may be enforced, subject to due process of law.
The nature and scope of business taxation spreads across all the business sectors. Taxation in business is imposed so as business owners can get the privilege of doing business.
Skills and Competencies required in Taxation
- Communication. When you work in Tax, you need to explain complex regulations in a way non-specialists can understand. ...
- Numeracy. You don't need to be a maths genius - plenty of humanities students get into Tax. ...
- Time management. ...
- Commercial awareness. ...
- Problem-solving skills. ...
- Attention to detail. ...
- Mathematical skills.
Career Opportunities and Job Prospects in Taxation
Students who earn a degree in taxation typically go on to prepare taxes or work on the collection side of taxes. Students who have an associate or bachelor degree in Taxation can work as tax preparers or advisors. Job opportunities may also be available through the government for degree holders who want to work as tax examiners, tax collectors or revenue agents. Students who have a master's degree in Taxation can hold many of the same positions and may also work in financial planning or tax publishing.
- Tax Attorney
- Tax Manager
- Revenue Agents
- Tax Examiners
- Tax Policy Analyst
- Tax Recruiter
- Payroll Analyst
- Employment Tax Specialists
- Income Tax Analyst
- Property Tax Analyst
Admission Requirements for the study of Taxation in Nigeria
The O'level subject combination and requirements needed to study Taxation;
English Language (not Literature in English) and Mathematics and
any three subjects from the following: Economics/Commerce,
Principles of Accounts,
Literature in English
In UTME, please note that English Language is Compulsory for this course. Therefore, the three (3) other JAMB UTME subject combination needed to study Taxation in the above Polytechnics or Monotechnics include;
Mathematics and two of
Principles of Accounts and