Taxation word definition

According to the most recent estimates from the International Centre for Tax and Development, total tax revenues account for more than 80% of total government revenue in about half of the countries in the world – and more than 50% in almost every country. Taxation is by and large the most important source in nearly all countries. Sri Lakshmindra Thirtha Swamiar of Sri Shirpur Mutt. A tax is a compulsory payment made by individuals and companies to the govern­ment on the basis of certain well-established rules or criteria such as income earned, property owned, capital gains made or expenditure incurred (money spent) on domestic and imported articles. In the U. S. The most important source of government revenue is tax. ’ ‘Liberal Democrats want a fair system of local taxation related to ability to pay. If tax is levied on the price of a good or service, then it is called an indirect tax. ’ ‘We could not deliver ourselves from the corrupt and oppressive system of taxation. ’International taxation is the study or determination of tax on a person or business subject to the tax laws of different countries, or the international aspects of an individual country's tax laws as the case may be. The purpose of taxation is to finance government expenditure. , citizens and resident aliens are subject to tax on worldwide income. . This corporate phenomenon occurs because company income is taxed at the corporate level and taxed again when distributed to shareholders through dividends. Worldwide income is an aggregation of a taxpayer's domestic and foreign income. Definition: Double Taxation is an occurrence where the income from the same source is taxed twice before translating into net income. If tax is levied directly on personal or corporate income, then it is a direct tax. One of the most important uses ‘The paradigm of direct taxation is income tax, the paradigm of indirect taxation is a tax on sales. About the definition of the word ‘tax’, the Constitution Bench of the Honorable Supreme Court of India, in its judgment in The Commissioner, Hindu Religious Endowments, Madras vs. In other words, this is a tax policy where the government taxes income when In this article we will discuss about the principles of taxation. Governments usually limit the scope of their income taxation in some manner territorially or provide for offsets to taxation relating to extraterritorial income. We begin this entry by providing an overview of historical Bills imposing taxation or appropriating revenue must not originate in the Senate, and neither taxation bills nor bills appropriating revenue for the annual service of the government may be amended in the Senate, but the Senate may return such bills to the House …Definition of taxation written for English Language Learners from the Merriam-Webster Learner's Dictionary with audio pronunciations, usage examples, and count/noncount noun labels. tax: A fee charged ("levied") by a government on a product, income, or activity

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