taxation


Also found in: Dictionary, Thesaurus, Medical, Legal, Encyclopedia, Wikipedia.
Related to taxation: principles of taxation

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 ?
An ongoing cat-and-mouse fight between the tax authorities and the taxpayers, with the latter believing that it would be a waste of money to pay off their tax bills due to the deep pockets of the corrupt government officials and non-delivery of necessary public services of an acceptable standard, has led to a greater focus on indirect taxation.
On the impacts of the proposals on the economy: the proposals included measures on flow of taxation revenues in the budget in parallel with increasing ability control and assess to taxpayer.
'If most law school students are unable to pass the taxation law part of the annual bar exams, that is a good indicator that either the tax laws are not simple or law students are weak in math, or both,' said Uybarreta, a member of the House Committee on Ways and
He said that business community of the country has no role in formulating economic and taxation policies and their recommendations have no weightage in the domain of economy and taxation.
The Prime Minister said taxation statistics and the system in vogue can in no way support the national economy.
He said, all out efforts were being made by the government to make the taxation system easy.
According to Vibol, Cambodia's taxation has undergone significant reforms since 2014, resulting in a sharp increase in the government's annual tax collection revenue.
Secretary Excise and Taxation and Narcotics Control Abdul Rahim Shaikh, Director General Excise and Taxation Shabbir Ahmed Shaikh, Director Admn Ayub Pathan and other directors also attended the meeting.
The protestors called for an end to taxation that deviates from the spirit of the rule of law, and replace it with procedural justice, law based on evidence, and legal methods of taxation.
"We still have a long way to go in order to improve the taxation system.
On the directives of Provincial Minister for Excise, Taxation and Narcotics Control Mukesh Kumar Chawla, a meeting of departmental promotion committee was held and chaired by Secretary Excise and Taxation and Narcotics Control Abdul Rahim Shaikh in his office.