Page 4 - ADVANCED TAXATION - Day 1 Slides
P. 4
Importance of legislation and case
law
• Statutory authority (legislation) is necessary before
a tax can be imposed and it is the statute alone that
must be consulted to establish the liability for such
tax.
• Accounting or related principles are not normally of
concern in determining the tax liability of any
taxpayer, except in instances where the Income Tax
Act specifically so provides.
• Apart from legislation, which forms the main
source of tax law, case law also constitutes an
authoritative source.
