tax

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tax

a levy imposed by the government on GOODS and SERVICES (INDIRECT TAX) and the INCOME and WEALTH of persons and businesses (DIRECT TAX). The government uses taxes for a number of purposes such as:
  1. to raise revenue to finance government spending (see BUDGET);
  2. to promote social equity by redistributing income and wealth (see DISTRIBUTION OF INCOME);
  3. to regulate the level of total spending in the economy (see FISCAL POLICY);
  4. to protect domestic producers from imports (see TARIFF). See INCOME TAX, CORPORATION TAX, CAPITAL GAINS TAX, WEALTH TAX, INHERITANCE TAX, VALUE-ADDED TAX, CUSTOMS DUTY, EXCISE DUTY.

tax

a levy imposed by the government on the income, wealth and capital gains of persons and businesses (DIRECT TAX), on spending on goods and services (INDIRECT TAX), and on properties. In the UK, taxes on income include personal INCOME TAX and CORPORATION TAX; ‘inheritance tax’ is used to tax wealth (see WEALTH TAX) and CAPITAL GAINS TAX is used to tax ‘windfall’ profits; taxes on spending include VALUE-ADDED TAX, EXCISE DUTY and TARIFFS; taxes on properties include the council tax (see LOCAL TAX) and the UNIFORM BUSINESS RATE. Such taxes are used to raise revenue for the government and as a means of controlling the level and distribution of spending in the economy. See TAXATION, PUBLIC FINANCE.
References in periodicals archive ?
We believe the proposed withdrawal of the CTGs are necessary to provide regulatory certainty to one of the largest sectors of the American economy, and avoid unnecessary compliance costs to both covered entities and the states, said Wehrum.
Aggregate compliance costs appear to have risen over time, from $150 billion in 1984 to $200 billion in 2006 (both figures in 2016 dollars).
To obtain the necessary data needed for estimating the compliance costs of taxation we used a questionnaire (see annex for a simplified version), distributed by electronic post and accessible also on line.
The bureau said it wanted to increase public understanding of compliance costs.
DeLoach said compliance costs were driven by "the proliferation of regulations," ranging from anti-corruption laws to the post-financial-crisis emphasis on consumer protection and the IT security and privacy issues affecting all industries these days.
Typically, agencies would rather skip the exercise altogether if possible or, failing that, find the lowest wage rate it can justify and use that to low-ball the true compliance cost.
Heavily regulated industries such as financial services, pharmaceuticals, communications and healthcare were susceptible to the highest compliance costs, incurring an average of $2.
While overall SOX compliance costs have "plateaued" Foley said the out-of-pocket costs facing public companies increased between FY 2005 and FY 2006, driven by increased audit fees, board compensation, and legal fees.
For payment card reimbursements, compliance costs would include (1) merging separately stored taxpayer and merchant identification numbers, especially in the case of multiple locations or franchises; and (2) more generally, new systems and added service requirements.
The survey concludes that changing tax rates and rules and expensive manual processes are key drivers of compliance costs.
Powerine II opens the door for policyholders to potentially recover compliance costs of administrative orders under umbrella liability policies--without forcing the government to sue.
Complicated accounting rules, tax requirements, and workplace regulations may eat up billions a year in compliance costs, but the alternative, it's assumed, is giant companies with unchecked power.

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