Taxation

/tækˈseɪʃən/

Meaning & Definition

noun

The process or system of imposing financial charges or levies on individuals or businesses by a government or authority.

The taxation system in the country is designed to ensure that all citizens contribute fairly to public services.

A specific amount or percentage that is charged as a financial levy by a government.

The taxation on alcohol has been increased to discourage excessive consumption.

The action of taxing, or the state of being taxed.

Controversies often arise over taxation, especially regarding how tax revenue is spent.

The government policy regarding the assessment and collection of taxes.

Recent reforms in taxation aim to simplify the tax code and reduce the burden on small businesses.

From Latin 'taxatio', meaning 'a estimating, assessment'.

tax evasion

The illegal act of not paying taxes owed.

tax code

The laws and regulations governing taxation.

progressive taxation

A tax system where the rate increases as the taxable amount increases.

tax

A compulsory financial charge or levy.

fiscal

Relating to government revenue, especially taxes.

revenue

The income generated from taxes and other sources.

Tax day

March 15 is known as tax day in the US, when individual returns are due.

Write-off

Businesses often look for write-offs to reduce their taxable income.