Taxation is the study of all kinds of taxes levied by the government authorities. It is the branch of accountancy which deals with the taxation policies of a firm and helps in maintaining cost accounts and profitability of the firm. The students who have a background of accountancy and commerce can opt for taxation as their career. The scope of this subject as the students can get placed in companies in finance and taxation department, they can start their own tax consultancy or can work as a tax consultant in private agencies as well. The demand for this course is increasing with an increase in the global market. Every organization now requires an expert who can suggest when to invest, when to invest and how to make a profit out of the investment and how much taxes are to be paid against which taxation policy. This is a job which requires not only the knowledge of accounting but also the dedication and a lot of practice to be thorough with everything related to the taxation policies. The students who are profoundly interested in this domain of accountancy needs to be hardworking and should do a lot of hard work to achieve success in their careers. There are many universities which are willing to provide the guidance and shaping required to be a successful taxation expert. The universities around UK, Singapore, New Zealand, Australia, the US which provides bachelor as well as post-graduate degrees to the students in the field of taxation.
The taxation course is available in different disciplines of commerce such as finance, accounting, economics, and auditing. Another elite course in taxation is tax law or corporate tax law. The core concepts of this course are:-
- Cost Accounting
- Business taxes
- Business law
- Financial reporting
- Public resources and expenditures
- International tax policy
The students can also attain a diploma or certification in taxation. The students learn about how to prepare tax forms and how to ascertain what is taxable and what all aspects have to be deducted. Degrees in this domain covers various types of tax structures and laws. For the purpose of achieving their career goals, the students opt for different taxation degree program.
Different Types of Taxation
Taxes are imposed on the capital gains and income of the individuals and businesses. The taxation policies differ from one jurisdiction to another. The policies followed in India may not be followed in the US. So there is a different tax policy for every source of finance. Following are the types of taxes levied on the basis of incomes, assets, property, and sales.
- Income tax: Taxes on financial income, individuals and businesses.
- Corporate tax: Tax on the profit of a business.
- Capital gains: A tax on capital gains from the sale of certain assets including stocks, bonds, or estates.
- Property tax: It is based on the property and land values.
- Inheritance: Tax levied for an inherited estate of a deceased person by an individual.
- Sales tax: A consumption tax such as value-added tax (VAT), a goods and services tax (GST), an excise tax or a state sales tax.
Types of degree programs
- Bachelor’s degree: Universities in UK, USA, Australia, Canada provides bachelor degrees in taxation. The students who want to be a certified public accountant (CPA), they should have a bachelor’s degree along with a certificate issued by the state licensing the students to work as CPA. Some of the courses are:-
- B.Com in Fundamentals of Auditing
- B.Com in Taxation
- BBA in Accounting and Finance
- B.Com in Accounting and Taxation
- B.Com in Direct and Indirect Taxation
- B.Com in Tax Procedure and Practice
- Masters Degree : The degree in taxation could be L.L.M, or M.Com, or M.A in corporate law or taxation. The universities are best known for their maste50000rs degree courses. Having a Master’s degree will increase their chances of getting a higher level job in future, I they could be the tax attorney consulting different companies.
- Diploma Course : These are one year program in various branches of taxation. These are usually based on tax policy or company law. It can be pursued along with the graduation and post graduation degree:
- Diploma in Accounting and Auditing
- Post Graduate Diploma in Accounting
- Diploma in Taxation
- Diploma in Tax and Company Law
- Advance Diploma in Financial Accounting and Taxation
- Post Graduate Program in Tax Management
- Certificate course: The certification courses are provided on the basis of skills and aptitude in accounting, and for that skills tests are conducted. Following are the certification courses provided to the students.
- Managerial and cost accounting and financial accounting
- Federal taxation and audit services
- Financial forecasting
- Statistical analysis
- Business Decision Making
- Government accounting and not-for-profit accounting
- Other graduation certificate in taxation :
- Estate taxation
- Corporate taxes
- Gift taxation
- Marketing Analysis
- Tax Research
Eligibility for applying for taxation degree abroad
The students should have a proper knowledge of the eligibility criteria before applying for any degree program. For applying for taxation degree program, the students should have completed their high school in case of applying for graduate degree program and should complete the graduate degree program for applying for a post-graduation degree. They should attain the marks according to the requirements of the universities. Other than that the students should pass the English proficiency tests with the points expected at the time of admission.
The students should be ready with the documents which will be required at the time of application. Birth certificate, National identity card or passport, letter of recommendation from the teachers, copies of certificates and degrees and a statement of purpose. They should apply for the admission before the dates and should keep an eye on it. The students should not wait for the last date to approach. The students have to apply for an education loan beforehand to avoid any last minute hectic conditions.
Courses available for Taxation degree
Taxation courses are available at the bachelor and masters level for accounting, economics, and auditing. These are helpful while understanding the working of taxes of any nation. The students have to be proficient with all the concepts and how to apply it in real life situations. The various courses provide insight to the taxation policies, principles, and other taxation systems. The students are taught about tax policy in the international community, about what are the policies for the residents and nonresidents, how jurisdiction applies over everyone. The major taxation courses which can help the students in choosing the right path are:-
- Tax Policy in Public Finance
- Federal Income Taxation
- International Taxation Principles
- State and Local Taxation
- Introduction to International Taxation Course
- Foreign Tax Credit Course
- European Union Tax Law Course
- International Tax Treaties Course
- International Transaction for Business Course
Some are federal taxation courses while others are related to the international taxation policies, treaties, and credits. Some of these are taken within the duration of the degree program. Every country has their own tax policy and excise duties for businesses and it is necessary to know about all the facts related to it.
Top Universities for taxation Degree
The universities all over the world provide different specialization in the domain. The universities provide the opportunity not only to learn but also to shape the future. For their purpose of achieving goals, the students should know the best universities all over the world which provides the bachelors as well as masters degree in taxation. Following are some of the best universities from across the globe :
- The University of Lausanne’s, Switzerland
Master of Advanced Studies in International Taxation
- Maastricht University, The Netherlands
LLM in International and European Tax Law
- Leiden University, The Netherlands
LLM in International Tax Law
MBA in Taxation
- Vienna University, Austria
International Tax Law
- Centro de Estudios Garrigues, Spain
Executive Master in International Taxation
- University of Johannesburg, South Africa
MCom in South African and International Taxation
- University of East Anglia, UK
M.Sc in Banking and Finance
- Bournemouth University, UK
M.Sc in International Taxation and Finance
- Queen Mary University of London, UK
Job Opportunities after taxation degree
The successful completion of a tax degree prepare the students as an accountant, auditor or tax attorney. The students at graduation level can get a job as an accountant and auditors. They can start their own business in the form of private tax consultancy. The students who have completed their master's degree in taxation can be tax attorney or consultants for big business houses. They are more expert in the field than the graduates from the taxation field and that’s why they earn a lot more than them. Following are the professions which can be opted after completing the degree in taxation :
- Starting own tax consultancy
- Tax attorney
- Consultant at firms
- Working for government agencies
- Financial Analyst
- Tax Policy Analyst
- Internal Auditor
- Employment Tax Specialist
- Personal Finance Consultant
Thus there are a lot of opportunities after completing the degree of taxation. The scope of taxation is increasing due to an increase in the import and export rate across the world. This leads to emerging of a new class of department in organizations. The students should be well versed with the concepts of accounting and finance to be a successful specialist of taxation.