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 ?
The study said average compliance costs are spread similarly across labour-consuming activities, with over a quarter involving KYC, which consumes labour hours through information collection, list screening, and risk assessment.
Aggregate compliance costs appear to have risen over time, from $150 billion in 1984 to $200 billion in 2006 (both figures in 2016 dollars).
In contrast to the situation in older developed countries, the only studies of the administrative and compliance costs of taxation in Central and Eastern Europe are for Croatia, Slovenia, the Czech Republic and recently for Slovakia.
Alongside Brick MACT costs, brick makers face projected $900,000 per plant annual compliance costs pending the Occupational Safety and Health Administration's final rule on crystalline silica exposure.
The chorus of concerns raised about the cost of regulatory compliance prompted the Consumer Financial Protection Bureau (CFPB) to announce more than two years ago that it would be studying financial regulatory compliance costs.
Tax compliance costs are measured either quantitatively or qualitatively.
Compliance costs The survey by Thomson Reuters and Deloitte of more than 160 people working across the corporate and financial sector showed that 33.54 per cent believed investment in combating financial crime and compliance had risen by more than 25 per cent compared to two years ago.
That is a breathtaking claim even by the agency's standards: the EPA offers no peer-reviewed data that come close to supporting that extravagant employment figure and it avoids acknowledging that compliance costs for the CPP, when fairly measured, would exceed $30 billion in 2020.
Compliance costs remain a sore point for corporate executives, but consultants say the whirlwind of regulations surrounding businesses these days means skimping on compliance could end up costing a lot if regulators catch you out.
A new study conducted by NERA Economic Consulting, and commissioned by the National Association of Manufacturers, says new ozone regulations would cost Arkansas thousands of jobs per year and hundreds of millions of dollars in compliance costs.
Since Wal-Mart was originally accused of bribery within its Mexican subsidiary in April 2012, the company has spent more than $400 million in legal fees and compliance costs. According to company figures released in February, Wal-Mart expects to spend an additional $200 million and $240 million in legal fees and compliance costs as well.
"Our government recently introduced a Bill in Parliament to regulate Business Licencing as part of the Business Regulatory Reforms so as to reduce the administrative burdens, compliance costs and the number of licences and permits required in order to promote growth in sectors such as agriculture, construction, education, health, infrastructure, manufacturing and tourism," the President said on his Facebook posting Monday.

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