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 ?
The uniformity of a forest soon becomes very wearisome.
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.
Considered as a reflector, it is potent in producing a monstrous and odious uniformity: and the evil is here aggravated, not in merely direct proportion with the augmentation of its sources, but in a ratio constantly increasing.
Several States have endeavored, by separate prohibitions, restrictions, and exclusions, to influence the conduct of that kingdom in this particular, but the want of concert, arising from the want of a general authority and from clashing and dissimilar views in the State, has hitherto frustrated every experiment of the kind, and will continue to do so as long as the same obstacles to a uniformity of measures continue to exist.
To produce uniformity in these determinations, they ought to be submitted, in the last resort, to one SUPREME TRIBUNAL.
Through the widely-opened panel, the liquid mass was bright with electricity, which was distributed with such uniformity that not a shadow, not a gradation, was to be seen in our manufactured light.
For me, what catches my attention most when I'm moving around this great state is the shape, uniformity and colours that buildings take.
The Federal State Institution All-Russian State Center for Quality and Standardization of Medicines for Animals and Feeds (FSBI VGNKI) subordinated to Rosselkhoznadzor testified accreditation in the field of ensuring the uniformity of measurements, that is, for research and confirmation of compliance with measurement methods for established metrological requirements.
It attests to Islamic theology that states that the opinion of a jurist like the Sultan of Sokoto who is to confirm the sighting of the moon for the start of the fasting as a source of the uniformity.
Uniformity is important and needed at school or college level in core courses such as reading, writing, and mathematics along with some exposure to basic and social sciences.
In addition, the states also agreed to bring uniformity in taxes on liquor and registration of vehicles and transport permit.
Equality of opportunity does not mean uniformity. Uniformity is seen more in terms of 'levelling'.