Studies & Degrees in Tax Consulting
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Tax is an amount of money levied or charged by a government on its citizens, and used to run the government or carry out its many functions such enforcement of law and order, protection of property, economic infrastructure, the operation of welfare and public services and public utilities. The act of imposing this tax on a taxpayer and the revenue generated from this act is called taxation.
The first known taxation system was made in Ancient Egypt in 3000 BC when Pharaoh collected tax revenues from the people in the kingdom. Between the 18th and 19th centuries, taxes in Europe increased dramatically because of war, resulting in added tax burden to taxpayers by 85%. Today, taxation is a system practiced in almost every country of the world under its own laws and regulations.
Taxation systems have given rise to tax consulting or tax consultancy firms in many countries. These firms offer specialist or expert advice in taxation and provide taxpayers of commercial, industrial, multi-residential and special purpose properties with property assessment and tax management services. Some of these firms serve as extension of their clients’ business operations and at the same time support their strategic and financial objectives, or as protector and guardian of taxpayers’ rights through an understanding and rectification of their tax liabilities, by providing them with tax resolution and tax compliance services. But the most common services of the tax consulting companies involve real property tax service and personal property tax service. The real property tax service is divided into site inspection, market comparison, assessment analysis, and negotiation of an appeal to reduce tax on the real property. The personal property tax service is provided through client evaluation, site inspection, and client-recommended adjustments.
Institutions of learning have continued to offer degree and Master’s degree taxation programs of study not only for tax consultancy operations but also to improve taxation systems in various government and private agencies. These programs, which are offered usually under the schools or departments of business or commerce generally aim to provide students with understanding of the concepts of tax law and tax system, train competent tax specialists to serve the needs of the legal, accounting and business communities, or help students develop skills for handling tax and consulting for corporations, governments, non-profit organizations and individuals. Usually under the taxation programs, the most popular areas of study are Corporate Income Taxation, Partnership Income Taxation, Tax Research, Fundamentals of Accounting, Decision Making for Accountancy, Taxation Rules of Regulations, Auditing Standards and Practices, Advanced Income Tax Problems, Business Taxation, Estate Planning, General Taxation, International Taxation, Taxation of Property Transaction, Tax Policy and other interesting subjects.
Tax Consulting or Tax Consultancy is one of the very possible careers or employments for a taxation course. Those with complete study on taxation or with master’s degree are in demand as tax specialists, chartered accountants, tax agents, financial planners, corporate tax specialists, and Certified Practicing Accountants. Some colleges also extend lifetime career placement services to their graduates in such fields as accounting and finance, banking, advertising, insurance, manufacturing, retail management, securities and investment, and social services.