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).

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 classic literature ?
It must be seen at once that the proposed uniformity in the VALUE of the current coin might be destroyed by subjecting that of foreign coin to the different regulations of the different States.
To produce uniformity in these determinations, they ought to be submitted, in the last resort, to one SUPREME TRIBUNAL.
The uniformity of a forest soon becomes very wearisome.
The only interruptions to the weary uniformity of the life at St.
The Librota-GS tire uniformity testing machine is said to have the world's fastest cycle time of 18 seconds per tire and the world's highest repeated measurement accuracy.
I started scientifically testing load variables 40 years ago, and started checking ballistic uniformity of carefully assembled handloads 30 years ago.
On December 14, 2016, TEI Tax Counsel Pilar Mata, along with Nikki Dobay of the Council on State Taxation (COST), presented at the fall meeting of the Multistate Tax Commission (MTC) and urged the MTC's uniformity committee to update its 2003 model statute governing the reporting of federal income adjustments.
Although existing Metal Organic Chemical Vapor Deposition (MOCVD) for epitaxial manufacturing processes feature key modules including the showerhead controlling the gas mixture, the precise heating module, as well as the air-extracting system, they are still insufficient to effectively control and master the quality and uniformity of epitaxial film.
The uniformity examination of seed distribution in using of pneumatic planters for products such as canola, creek, wheat and Ulf show that seed distribution by pneumatic planters is more exact and uninformative.
The evolution of batt forming technology over the past 20 years has focused on the development of dynamic batt shaping to optimize weight uniformity across the width of the finished felt at the winder.
Thus, webs with a better MD/CD balance and also 7-direction orientation can be used to form batts with a unique balance of physical uniformity across the working width.
Design parameters include quantity of illumination, discomfort glare, contrast, and illuminance uniformity.