To tax is to impose a financial charges or other levy upon a taxpayer by a state or functional equivalent of a state such that failue to pay is punishable by law.
Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax. A tax may be defined as a " pecuniary burden laid upon individuals or property owner to support the government, a payment exacted by legislative authority. A tax is not a voluntary payment or donation, but an enforced contribution , exacted pursuant to legislative authority "and is" any contribution imposed by government whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name.
Legal & Economic Definition of Tax
The Legal definition and the economic definition of taxes differ in that economists do not consider many transfers to government to be taxes. For example, some transfers to public sector are compareable to prices. Examples include tution at public universities and fees for utilities provided by local governments. Governments also obtain resources by creating money (e.g printing bills and minting coins), through voluntary gifts (e.g contributions to public universities and museums), by impossing penalties (e.g traffic fines), by borrowing , and by confiscating wealth. From the view of economists, a tax is non-penal, yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received.
In modern taxation system, taxes are levied in money. The method of taxes and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, Her Majesty's Revenue and Customs (HMRC) in the UK, Central Board of Revenue (CBR) in Pakistan, Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs in India.
When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration) may be imposed on the non-paying entities or individual.
Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax. A tax may be defined as a " pecuniary burden laid upon individuals or property owner to support the government, a payment exacted by legislative authority. A tax is not a voluntary payment or donation, but an enforced contribution , exacted pursuant to legislative authority "and is" any contribution imposed by government whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name.
Legal & Economic Definition of Tax
The Legal definition and the economic definition of taxes differ in that economists do not consider many transfers to government to be taxes. For example, some transfers to public sector are compareable to prices. Examples include tution at public universities and fees for utilities provided by local governments. Governments also obtain resources by creating money (e.g printing bills and minting coins), through voluntary gifts (e.g contributions to public universities and museums), by impossing penalties (e.g traffic fines), by borrowing , and by confiscating wealth. From the view of economists, a tax is non-penal, yet compulsory transfer of resources from the private to the public sector levied on a basis of predetermined criteria and without reference to specific benefit received.
In modern taxation system, taxes are levied in money. The method of taxes and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, Her Majesty's Revenue and Customs (HMRC) in the UK, Central Board of Revenue (CBR) in Pakistan, Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs in India.
When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration) may be imposed on the non-paying entities or individual.
Great feature! It should be on by default, configured to options blessed by an organization such as EPIC. Currently, it is an advanced-user feature. tax debts
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