taxation

(redirected from State Tax)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.
Related to State Tax: estate tax

taxation

the government receipts from TAXES on personal and business income, expenditure and wealth. Taxes on income include personal INCOME TAX and CORPORATION TAX; taxes on expenditure include VALUE-ADDED TAX and EXCISE DUTIES. Taxes are used to finance government spending and as instruments of FISCAL POLICY in regulating the level of total spending in the economy. See INLAND REVENUE, BUDGET (GOVERNMENT).

taxation

government receipts from the imposition of TAXES on persons’ and businesses’ income, spending, wealth and capital gains, and on properties. Taxes are used by the government for a variety of purposes, including:
  1. to raise revenue for the government to cover its own expenditure on the provision of social goods such as schools, hospitals, roads, etc., and social security payments made to individuals in respect of unemployment, sickness, etc. (see BUDGET, GOVERNMENT EXPENDITURE);
  2. as an instrument of FISCAL POLICY in regulating the level of total spending (AGGREGATE DEMAND) in the economy (see DEMAND MANAGEMENT);
  3. to alter the distribution of income and wealth (see PRINCIPLES OF TAXATION, REDISTRIBUTION OF INCOME);
  4. to control the volume of imports into the country (see BALANCE OF PAYMENTS EQUILIBRIUM).

Taxation takes two main forms:

  1. taxes on income received by individuals and businesses (referred to as DIRECT TAXESINCOME TAX, NATIONAL INSURANCE CONTRIBUTION, WEALTH TAX, CAPITAL GAINS TAX and CORPORATION TAX);
  2. taxes on expenditure by individuals and businesses (referred to as INDIRECT TAXES - SALES TAX, VALUE-ADDED TAX, EXCISE DUTY and TARIFF). In national income analysis, taxation is a WITHDRAWAL from the CIRCULAR FLOW OF NATIONAL INCOME. See PUBLIC FINANCE, INLAND REVENUE.
References in periodicals archive ?
Bloomberg BNA makes many of its state tax reports available for free with registration.
Since January 1, 2015, the State Tax Service has abolished its three regional agencies.
Scott Shearer is a partner at Keefer Wood Allen and Rahal, LLP specializing in Pennsylvania State Tax.
Given a choice of accepting an administrative decision that may merely reflect the position of a state tax authority or waiting a long time for a judicial response that may not be successful, alternative methods of dispute resolution have become more desirable.
Is the original receipt of the state tax credit a taxable event?
Other state and local tax sessions included an update on recent developments, a review of legislative developments in Texas, and a session on the state tax treatment of pass-through entities.
Chamber to an industry-wide coalition will substantially increase the resistance to future state tax increase threats down the road," said NBWA President David Rehr.
State Tax Institute was created in 1991 to develop and sell "moderate- priced" tax materials to corporations and tax professionals.
The state tax materials include laws, regulations, administrative releases, legislative summaries, guidebooks of selected states, and attorney general opinions applicable to state taxation.
The General Accounting Office undertook a report on tax policy ("State Tax Officials Have Concerns about a Federal Consumption Tax," March 1990) to provide Congress with an overview of the concerns state tax officials have about the enactment of a broad-based federal consumption tax in the form of a federal retail sales tax or a value-added tax.
Changing the state tax filing deadline with the IRS deadline is a common sense action," said State Controller and FTB Chair John Chiang.
It is planned to abolish the interregional State Tax Service directorates in the beginning of 2015, the press service of the State Tax Service reported.

Full browser ?