back taxes

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Back taxes

Due taxes that have not been paid on time.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Back Taxes

Taxes that an individual or corporation did not pay in a given year. Back taxes incur interest and penalties that add up quickly. The IRS allows for plans to pay back taxes over time, though they continue to accumulate interest in the interim.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

back taxes

Unpaid property taxes,which remain a lien on property even after it is sold to another; could result in a forced sale.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Summary: OT reluctantly agreed to talks on the nationalisation of Djezzy after Algeria hit the unit with back-taxes.
He said those liabilities included $230 million in back-taxes, plus penalties, $190 million in fines to the central bank for alleged currency violations, and a dispute with former employees who claim they are owed wages.
In what his own camp has called a ruse, he's declared himself "delusional" to avoid the back-taxes charge.
Algeria's government has decided to demand new back-taxes from Orascom Telecom's local unit Djezzy, adding to previous tax claims totalling over $600 million, industry and government sources told Reuters.