Concept of Limitations In Tax Law

Abstract

The concept of statute of limitations is an institution that should be seen as an important concept of legal science. As a matter of fact, the concept of statute of limitations has valuable consequences in practice, as it causes the loss of a right or helps to get rid of a burden. The main reason for the existence of the concept of statute of limitations, which has an important place in tax law, is the public interest, and it also contributes to reducing the workload of judicial bodies by carrying out taxation transactions more effectively. In tax law, statute of limitations is evaluated under four main headings: assessment statute of limitations, collection statute of limitations, correction statute of limitations and penalty statute of limitations. While the assessment limitation is based on the time period for assessing the tax and notifying it to the taxpayer, the collection limitation period takes into account the time period for collecting the tax. Relevant actions must be taken within the five-year period determined for both statutes of limitations. While the time limit for correcting errors made regarding taxation transactions within a certain period of time is referred to as the correction statute of limitations, the time limit for tax misdemeanors and crimes is generally explained by the concept of criminal statute of limitations.