tax

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tax

n. a governmental assessment (charge) upon property value, transactions (transfers and sales), licenses granting a right, and/or income. These include Federal and state income taxes, county and city taxes on real property, state and/or local sales tax based on a percentage of each retail transaction, duties on imports from foreign countries, business licenses, Federal tax (and some states' taxes) on the estates of persons who have died, taxes on large gifts, and a state "use" tax in lieu of sales tax imposed on certain goods bought outside of the state. (See: income tax, estate tax, gift tax, use tax, unified estate and gift tax, franchise tax)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

tax

a levy made by national or local government to pay for services provided by public bodies. There is no inherent power in the Crown to raise money in this way; express provision must be made by statute. Changes to tax law are made annually in the Finance Act(s); periodically the law is consolidated, as for example in the Income and Corporation Taxes Act 1988 or the Taxation of Chargeable Gains Act 1992. See TAXATION.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
The first step in developing a year-end tax planning strategy is to develop a communication plan, consisting of a list of clients with the type of communication the CPA intends to provide to each client.
Tax planning and tax coaching includes a personalized written report and ongoing maintenance for changing tax laws.
[g.sub.NOPLAT] = rate at which the company's NOPLAT without the effect of tax planning grows every year.
In a companion piece, we set forth a formal economic model to identify the optimal amount of tax planning the government should permit, and the features and effects of our hypothetical governmentally-created market failures.
If one thinks carefully about estate tax planning, much of the written advice given by tax professionals to their clients will be excluded from the covered opinion standards.
All the tax accountants we talked to agree that the AMT is becoming increasingly important in the tax planning process.
This study contributes to prior research by investigating tax planning that exploits differential state tax reporting methods.
"The complexities surrounding global E-commerce are compounded by the legal regulations that vary from country to country, which is why there is a need for an education program that can explain it all at the convenience of the student," said Howard Bilton, chairman of The Sovereign Group, global specialists in offshore and onshore tax planning with offices in 20 locations.
"Our direction over the next few weeks will help steer each Kustom Design client towards ultimately understanding how the tax planning process works, and how they can save themselves on taxes."
Private client tax planning specialist Meridian Private Client, has taken on Philip Harrison as a senior partner.