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)

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 ?
Experts do agreed that for enhancing the process of automation, capacity building of FBR staff was imperative to make them familiar with the modern information technology tools for paper less and non human interference tax system.
The new tax system comes as GCC governments struggle due to low oil revenues in the last three years.
In the 50 years since the Carter Commission reported, Canada's tax system has become even more incoherent, inefficient, complex and unfair than it was in the 1960s.
A number of tax executives said they had reviewed the Camp discussion draft and expressed support for the overall goals of lowering the corporate tax rate and adopting a territorial tax system. However, some tax executives suggested the need to refine and further develop the details of the territorial tax proposal and understand the domestic base broadeners before they could evaluate the potential impact on their companies.
An equitable and neutral tax system will be indifferent about the structures and forms of doing business.
The way in which basic principles of taxation are set out and defined in the Romanian Tax Code, and the lack of truly modern principles really are causes of backwardness of the domestic tax system in comparison with the Tax Codes of other countries.
The government's Tax Commission is moving in the right direction by stressing the need to narrow income gaps and trying to enhance income redistribution through the tax system. But high-income earners will not be the only taxpayers who see their tax load grow due to the proposed changes.
In his 1961 book "Capitalism and Freedom," he developed the idea of a negative income tax system, an inverted progressive income tax, to guarantee a minimum income to poor families.
It sets out reforms, which would provide an immediate boost to high-tech investment and innovation and create an internationally competitive tax system that helps to repair the public finances in the medium term.
Information technology company IBM (NYSE:IBM and the Tax Administration of the Republic of Slovenia have signed a three-and-a-half-year EUR21.6m agreement for the development of modernised tax system.
Summary: <p>Finance Minister Mohammad Shatah said on Wednesday that it was imperative to implement the tax system in order to ensure the continuation of growth and financial stability.AaShatah, who was speaking at the Grand Serail on the occasion of twining the value-added -tax department in Lebanon with the tax department in France, said there was a real need to carry out reforms in the tax system in Lebanon.
Special attention in designing tax system should be given in lack of domestic savings in an economy.