taxation

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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 ?
The notification "regarding appointment of Mr Muhstaq Ahmed Sukhera (Retd-PSP/BS-22) as the Federal Tax Ombudsman is hereby withdrawn ab initio", read the official notification from the Ministry of Law and Justice.
The President said that steps should be taken to further improve the performance of Federal Tax Ombudsman's office and benefit from other countries' experience in this respect.
According to a statement issued here on Saturday, the advisory committee headed by Federal Tax Ombudsman Mushtaq Ahmad Sukhera as chairman will have Zahidullah Shinwari, Ziaul Haq Sarhadi, Sharafat Ali Mubarak and Nushat Rauf as its members among others.
3rd Generation Pizza N More, $43,256.11 in unpaid federal taxes. Filed Sept.
An article in the decree stipulates that federal tax revenues and fines that are collected by the FTA will be deposited in an independent account pending their distribution to the federal and local governments.
Ikram Ghani issued directions to the officers to expeditiously process refunds as per law so that taxpayers are not forced to lodge complaint before the Federal Tax Ombudsman (FTO).
As claims increased with the onset of the recession in 2008-2009, federal tax credit reductions began posing a problem for a large number of states in 2011, as by that time they had had insolvent accounts for two years.
The current 18.4 cents per gallon federal tax, unchanged in more than 10 years, essentially pays for the upkeep and expansion of the federal highway system.
Batch software allows tax preparers to make large numbers of federal tax payments on behalf of clients with the single click of a mouse using Treasury's EFTPS program.
* Federal tax liability cannot be avoided by attributing income to a purported trust and then claiming a deduction for a "fiduciary fee" in the same amount (Rev.
Sawicky (Institute Economist at the Economic Policy Institute), Bridging The Tax Gap: Addressing The Crisis In Federal Tax Administration is an extensive study drawn from the collective works of top experts in tax enforcement about the direct effects and issues arising from governmental tax policy.

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