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 ?
In other words, even if employees devote relatively little time to passive investments (e.g., tax-exempt and tax-paid investments), the RR prohibits full deduction of their salaries by benchmarking their deductibility solely against the percentage contribution of tax-exempt and tax-paid income to gross income without regard to other factors (e.g., time devoted, floor area occupied, number of transactions) affecting business.
The petitioning banks have advanced payments of taxes for tax-paid investments by way of final withholding tax, yet the RR disallows deduction of expenses pertaining to this tax-paid income.
This change is designed to exclude incidental supplies and maintenance or service parts from qualifying for the FST inventory rebate, even though such supplies and parts are tax-paid.
When these tax-paid instruments are traded, the holders will just share the cost of the tax paid in proportion to the interest earned by them.