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 ?
He said that the government should work to make the tax system fairer, as fair taxes are one of the pre-conditions in combating the shadow econony.
The incumbent government is determined to speed up work on bring about rapid the process of automation in Federal Board of Revenue (FBR) at both administration and law side of current tax system.
Speaking at the occasion, Ahmed Hassan Moughal, President ICCI urged the government for giving good incentives to traders in tax matters so that those who were out of tax system should feel motivated to come into the tax net.
'But another important element is 'horizontal equity,' or how the tax system treats similar entities.
The campaign seeks to introduce all segments of society to the tax system, its objectives and procedures, as well as its positive impact on governmental development projects and the quality of services targeting the public.
In his response to MPs' questions during Wednesday's plenary session of the House of People's Representatives (HPR) dedicated to the review of the finance bill 2018, Chalghoum called on the EU to discuss issues related to the non-compliance of Tunisia's tax systems with European standards.
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.
The commission recommended that the tax system be rebuilt on the foundation of counting all income equally, whatever its source.
Postelection policies should provide strategies for the tax system, removing "distortions" in taxation between incorporated and unincorporated businesses and "inconsistencies" between employment and self-employment tax outcomes, it said.
It is an indicator of just how hard dealing with tax can be when 80 per cent of AAT members, experts at navigating through the intricacies of tax compliance, state that the UK tax system is too complicated.
Leading multinational companies such as Google, Starbucks and Amazon have been criticised for their use of the current source and residencebased tax system.
corporate tax system is viewed as less competitive than other countries' tax systems.