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).
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
It was noted during committee discussions of the bill that most sponsors of business incubators are not-for-profit entities already subject to state tax breaks.
State Tax Service supported the proposal of JICA experts to create a pilot training control commission that will monitor and manage pilot learning processes.
TEI welcomes the opportunity to support [state] in enacting legislation extending the due date for state tax returns on a go-forward basis, as the concurrent deadlines for filing federal and state tax returns are impracticable.
Clearly, CPAs with clients that have international transactions need to closely scrutinize the state tax implications.
Total state tax revenues declined in 19 states in the fourth quarter of 2016.
The implication of this blended model is that state tax prices for goods and services tend to converge across states that compete on tax price to attract a sustainable base of taxpayers.
4 priorities were identified for the State Tax Service: improving the functions and workflows of the agency, strengthening personnel potential of the tax service, the development of motivation of taxpayers, and increasing the capacity of tax collection.
Given a choice of accepting an administrative decision that may merely reflect the position of a state tax authority or waiting a long time for a judicial response that may not be successful, alternative methods of dispute resolution have become more desirable.
In the first instance, the administrative appeal is heard by a unit of the state tax authority that just issued the assessment.
Overall state tax revenue on individual income was at USD 280.4bn for 2012, up 8.1% from 2011, while general sales tax revenue was at USD 242.7bn for 2012, up 2.9% from 2011.
What Are the State Tax Law Alternatives for 545 Elections?.

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