Punitive Tax

Punitive Tax

1. A tax imposed to discourage a behavior. For example, retirement plans usually have excise taxes placed upon them if one makes a withdrawal prior to a certain age.

2. An extraordinarily high tax. For example, a government theoretically could impose a tax of 99% on all income over $20,000. There is no consensus as to what qualifies as a punitive tax.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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In particular in the NHS, where consultants are not able to afford to do extra work for fear of a punitive tax bill well in excess of any income earned."
The Scottish Government needs to reflect on the impact the levy could have on staff and change or scrap this punitive tax.
In February 2017, miraa traders suspended exports to Somalia after the country introduced punitive tax measures.
In October 2017, Nokian Tyres had received a reassessment decision from the Tax Administration concerning the tax year 2011, according to which the company was obliged to pay a total of EUR59m, of which EUR39m was additional taxes and EUR20m was punitive tax increases and interest.
By the way, the Department of Health has been advocating for a punitive tax on sweetened drinks, similar to the 'sin tax' on alcohol and tobacco.
Another negative effect of the government's punitive tax regime is over 50 per cent drop in foreign direct investment this year compared to the previous year.
The Greek government is expected to exempt imports from European Union countries from a 26 per cent punitive tax on fictitious imports of goods and services, officials from two business groups said.
He reviewed the best European practises and decided that Sweden had an enviable hospital building programme, but unlike the socialist Swedish government, we did not have a punitive tax system to pay for this.
The punitive tax has also pushed up rent arrears by PS24million because tenants cannot afford their lodgings.
He said without tangible evidence, government had no choice but to simply impose the punitive tax.
'Removing Scottish APD would see passengers rushing across the border to avoid paying the punitive tax at Newcastle, Manchester or any other English airport,' said Willie Walsh, the chief executive of IAG.