tax

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Related to tax base: tax rate, Tax burden

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)

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.
References in periodicals archive ?
In order to make the scheme successful, the government needs to give administrative powers to the Broadening of the Tax base wing.
An IMF Report says that this reflects narrow tax bases, overgenerous tax concessions and exemptions, weak and fragmented revenue administrations, and structural features of the economy - Unlocking Pakistan's revenue potential.
In this way, more and more consumers will demand proper receipts on every purchase and the government shall benefit in extensive tax base.
Second, the harmonization of the tax base takes place, and last, the tax rate is harmonized.
Moscovici said "a lot has changed" since 2011, arguing that the CCCTB plan was "more relevant today than ever." The latest Common Consolidated Corporate Tax Base proposals will now be submitted to the European Parliament for discussion.
TARC Chairman Parthasarathi Shome convincingly argues for an expanded tax base in the committee's third report submitted in November 2014.
Prime Minister Tigran Sargsyan expressed confidence that the expansion of the luxury tax base will ensure additional budget
Assessing state income taxes upon the federal tax base eases states' legislative and enforcement burdens, and it reduces taxpayers' compliance burdens.
The Third Circuit disagreed, finding that, after making PPUs proposed simplifications to the formula, the tax base for the windfall tax was not gross receipts but instead was a multiple of gross receipts.
The "Common Consolidated Corporate Tax Base" system is an ambitious goal of the European Commission.
The European Commission has proposed the creation of a common system for calculating the tax base of businesses operating in the EU.
Mavromatis told a news conference that the organisation had contacted Brussels in a bid to clarify the situation and found that "both a Franco-German proposal and a compromising proposal by the EU President (Herman van Rompuy) refer to a common tax base and not a common tax rate."