The Department of Taxation and Finance (DTF) is involved in the implementation of the rules and regulations associated with finance and taxation in a state. The DTF also performs collection of local taxes and plays a major role in the administration of the state treasury.
The features or characteristics of the Department of Taxation and Finance differ from one country to another. The Department of Taxation and Finance drafts and publishes the tax laws and the tax forms. Usually, the Department of Taxation and Finance functions as a revenue collection agency of the state.
The DTF also tries to educate individual and business taxpayers by imparting educational programs among them. In the U.S., the governor of the state appoints a commissioner for heading the DTF. The appointment of the commissioner has to be approved by the Senate.
The responsibility of the DTF employees is to provide justified and effective service to the taxpayers.
The mission of DTF is accomplished with the help of the following programs:
Office of the counsel
Tax policy and analysis
Revenue and information management
Office of conciliation and mediation
The DTF collects its local taxes through the municipal bodies, provinces, counties, local governments, and other subnational entities.
Normally, the DTF collects the following types of taxes:
Cigarette and tobacco tax
Real estate tax
Income tax (both personal and commercial)
Local sales tax
Capital gains tax
Value added tax (VAT)
The rules and regulations of the Department of Taxation and Finance are enforced stringently and the DTF has the full authority to pursue people who violate the tax regulations. The DTF enforces both civil punishment, as well as criminal punishment if there is partial payment or non-payment of tax.
Last Updated on : 1st August 2013