Tax is levied compulsorily by the government on its citizens to defray the expenses of the government a tax, by definition, is a firstly, a tax is a compulsory payment levied by the government on its citizens and various business firms thirdly, fees are mostly imposed to regulate or control various types of activities but the. It is also defined as: “a compulsory levy imposed on the muslims so as to take surplus money or wealth from the comparatively well-to-do members of the muslim society and give it to the destitute and needy” (zaim, 1989, p101) economically, zakah in theory will result in economic prosperity as zakah is paid from. The distinguishing feature of a tax is that it is a compulsory contribution imposed by a sovereign authority on, and required from, the general body of subjects or citizens, as distinguished from isolated levies on individuals in canada, an oft-cited definition is that of justice duff of the supreme court in lawson: that they. Personal income tax a charge imposed by governments on the annual gains of a person derived through work, business pursuits tax a financial charge or other levy imposed on a taxpayer (an individual or legal entity) by a state which registration for the tax becomes compulsory) – in lower-income countries. Ekezie (2014), tax is “a compulsory levy imposed on a subject or upon his property by the government to generate the needed revenue for the provision of basic amenities and create enabling condition or the economic wellbeing of the society” to them, the enabling environment created by government encourages the.
A tax is a compulsory levy imposed on individuals, firms, commodities and communities by the government but the feature of compulsory levy inherent in taxation is usually undermined because people dislike the civic responsibility that the payment of tax connotes in nigeria, people, especially the rich and the elites,. Tax is compulsory extortion of money to legal authority for supporting government tax is not a voluntary payment it must be given to govt it is mandatory financial charge or levy imposed directly or indirectly in order to fund the public expenditures thus tax is revenue receipt of government this revenue is used by govtfor. Upon the tax payer the object of levy of tax is to raise the general revenue on the other hand, a fee is a payment levied by the state in respect of services performed by it the purpose of the services for which it has been imposed and it is not merged in a tax is compulsory extraction of money by public authority for public.
5 revenue this chapter defines the concept of revenue and describes its classification a revenue and its components 51 revenue is an increase in net worth resulting from a transaction for general government units, there are four main sources of revenue: taxes and other compulsory transfers imposed by government. Payment of taxes at rates levied by the state is compulsory, and tax evasion - the deliberate failure to pay one's full tax liabilities - is punishable by law most governments utilize an if the governments of tax haven countries impose little, or no, income taxes, how exactly do these nations generate revenue related faqs.
Definition of tax - a compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost mass noun 'they will have to pay tax on interest earned by savings' as modifier 'a tax bill' as modifier 'tax 1impose a tax on (someone or something) 'the income will be. Expenditure tax, tax levied on the total consumption expenditure of an individual it may be a proportional or a progressive tax its advantage is that it eliminates the supposed adverse effect of the personal income tax on investment and saving incentives difficult to administer, it has been applied with only limited success in. A tax “in lieu of” an otherwise generally imposed tax on income must be a tax within the meaning of reg 1901–2(a)(2) and meet the substitution requirements of reg 1903–1(b) as provided by the irs regulations: (i) in general a foreign levy is a tax if it requires a compulsory payment pursuant to the.
Levy (ˈlɛvɪ) vb (tr) , levies, levying or levied 1 (economics) to impose and collect (a tax, tariff, fine, etc) 2 (military) to conscript troops for service 3 (law) to seize or attach (property) in accordance with the judgment of a court a compulsory contribution, usually of money, that is required for the support of a government. Accountability: does the framework provide adequate safeguards to protect the interests of levy payers a compulsory levy is a coercive power to tax that is delegated by the government to a the six-yearly referendum requirement imposes costs on the industry to publicise and hold a referendum, and. Sars administers a number of tax acts, in terms of which money (taxes, duties and levies) is collected and paid into the national revenue fund environmental levy is imposed on goods such as plastic bags, electricity generation, electric filament lamps, carbon dioxide emissions from motor vehicles and. Characteristics to meet the legal definitions of tax, levy, charge, excise or penalty a government purposes • compulsion: a tax is usually compulsory in that the taxpayer has no choice about whether to pay it hypothecated taxes differ from other levies imposed for specific purposes in that hypothecated tax revenues.
It is pertinent to discuss what a tax is and what it is not if we are going to be cancelling out the non-taxes on the taxes and levies approved list for collection definitions of this term abound o akanle defines it as “a compulsory levy imposed on a subject or upon his property by the government having.
When tax is imposed on a polluting or environmentally harmful substance or activity, it introduces an economic cost that the polluter will take into requited compulsory payments to the government that are levied more or less in proportion to services provided (eg the amount of wastes collected and. Whereas,  stresses that, taxa- tion is a concept and the science of imposing tax on citizens according to him, tax is itself a compulsory levy which is required to be paid by every citizen it is generally considered as a civic duty the imposition of taxa- tion is expected to yield income which should be utilized. What is tax law it covers the rules, policies and laws that oversee the tax process, which involves charges on estates, transactions, property, income, licenses and more by the government taxation also includes duties on imports from foreign countries and all compulsory levies imposed by the government upon. Types of taxes and tax rules, types of progressivity of taxes oecd (1996), definition of taxes, daffe/mai/eg2(96)3 james, nobes (1998) dr grzegorz kula , [email protected] the definition of taxes a tax is a compulsory levy made by public the classification by the authority imposing and collecting taxes: • central.
The term 'taxes' generally refers to compulsory impositions by governments, whereas 'levies' are compulsory, but can be imposed by either the government or by another authority (weier, 2006:15) 'duties' is a term commonly used to describe imposts on the consumption or importation of certain goods and services (weier,. It is also defined as: “a compulsory levy imposed on the muslims so as to take surplus money or wealth taxation can be defined as a compulsory payment to a government based on holdings of a tax base (mikesell among other reasons for the imposition of taxes, as outlined in hanson (1972, p557) are: (i) to check the. In our restaurant, service charge is compulsory and it's been conveyed to our patrons after gst, they are paying less on food earlier the total tax levied would amount to 20% and after gst, it's 18% most of our customers are happy with this reduced tax but a few still come up to ask why are we imposing a.