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 ?
It is important to emphasise the great role of our strategic partners in raising awareness of tax procedures and ensuring the success and excellence of the UAE tax system," Al Bustani said.
Several tax executives said a territorial tax system would encourage U.
This argument is analogous to the argument of Galle and Klick that the federal government should pursue its stabilization role automatically through the tax system and not through a spending program once a crisis has begun.
The question is that, in reality, a flat tax system is regressive.
Commenting, EEF director of policy, Steve Radley, said: "While there have been some helpful changes to the tax regime in recent years, we still lack a coherent tax system that encourages manufacturers to invest and sends the signal that they should be doing it here.
Shatah added that overhauling the tax system in Lebanon would continue for another two years.
Principles and developments in tax system of Serbia
TEI fully supports the Department of Finance's efforts to strengthen the integrity of the tax system while ensuring that amendments to the Act are targeted, sustainable, and administrable.
Another way to continue the process of restoring the public trust is to assist the taxing authorities in improving the tax system.
The chink in the armor in the 1996 revisions was the focus on the taxpayer's intent to trigger the full antiavoidance tax system.
heard testimony from four tax policy experts on the history of the current income tax system and debated the merits of moving toward a hybrid tax system that would tax income and consumption.
SJR: Missouri's tax system is inadequate, inequitable and outdated.