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Definition of financial tax

TAXABLE EVENT -- Term used to define an occurrence which affects the liability of a person to tax. If tax is levied on the price of a good or service, then it is called an indirect tax. Taxes are used to finance government spending and as instruments of FISCAL POLICY in regulating the level of total spending in the economy. Taxes in the U. See more. Typically liabilities (primarily mortgages and other loans) are deducted, hence it is sometimes called a net wealth tax. taxation the government receipts from TAXES on personal and business income, expenditure and wealth. Tax systems vary widely among nations, and it is important for individuals and corporations to carefully study a new locale's tax laws before earning income or doing business there. TAX -- The OECD working definition of a tax is a compulsory unrequited payment to the government. A wealth tax is a levy on the total value of personal assets, including: bank deposits, real estate, assets in insurance and pension plans, ownership of unincorporated businesses, financial securities, and personal trusts. The purpose of taxation is to finance government expenditure . One of the most important uses of taxes is to finance public goods and services , such as street lighting and street cleaning. Stocks, bonds, cash . Retirement plan hardship distributions require an immediate and heavy financial need. A financial asset is a non-physical, liquid asset that represents—and derives its value from—a claim of ownership of an entity or contractual rights to future payments. The IRS definition of financial hardship focuses on a taxpayer's inability to pay some specific living expenses, including food, housing, utilities, transportation, apparel, personal care products and services. Definition of tax system in the Financial Dictionary by The Free DictionaryTax definition, a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. Taxes on income include personal INCOME TAX and CORPORATION TAX; taxes on expenditure include VALUE-ADDED TAX and EXCISE DUTIES. S. TAXABLE BASE -- The thing or amount on which the tax rate is applied, e. g. corporate income, personal income, real property. Admittedly, tax law has areas that are unclear and difficult to interpret, and in some cases the outcome of a given structure or position may not be entirely clear, even where there is enough support in the law to justify its legitimacy

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