Laws existing in Taxation

Question 1

Audi alteram partem

Answer 1

Listen to the other side. Each party must be given the chance to
be heard.

Question 2

Contra fiscum

Answer 2

It is a common law rule that is applied where a reasonable reading of the
text of a statute reveals an ambiguity. If a statute is ambiguous, a decision will be made in favour of the taxpayer.

Question 3

Cassus omissus

Answer 3

If a situation is omitted from or not provided for by statute or regulation, it will be governed by the common law principles.

Question 4

Substance over form

Answer 4

Transactions should reflect their economic substance rather than merely their legal form.