Definition: [tæks lɔː] is an internally agreed system of normative acts that establish types of taxes in force in the country, fiscal rates and benefits as the procedure for their collection. It regulates the relationship between taxpayers and control structures, the grounds for the appearance of taxing liabilities, sanctions for improper accounting, evasion or unserviceable payment of taxes. Normally, the taxation legislation falls within the competence of the highest legislative bodies, but within certain limits of the regulation norm, the highest executive structures in the person of the government or the Ministry of Finance establish it.
Tax law In a Sentence:
- Only experienced attorneys are able to perceive all the nuances of tax law.
- The tax law obliges every conscious citizen to send a certain amount to the country's budget.
Synonyms and related words: taxation legislation, fiscal law, taxing law