double taxation

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double taxation

n. taxation of the same property for the same purpose twice in one year. This is generally prohibited if it occurs through such circumstances as transfer of property which has been taxed once and then the tax is imposed on a new owner. However, if all property in a jurisdiction is taxed twice in the same year, it is legal since not discriminatory or unfair.

References in periodicals archive ?
The document aims at attracting foreign direct investments in the economy of the Kyrgyz Republic as it allows foreign firms to invest in the country being sure that they will not be double taxed.
With the specific example of Brian and Karen Wynne, Perella said, "They have been getting double taxed under this Maryland rule for years."
IN RESPONSE to the comments by Mark Dickinson ("Tunnel Users are being double taxed", February 9) let me put the current tunnel tolls into perspective.
If a person owns a C corporation that had net income at the end of the year that eventually gets distributed, that income would be double taxed.