Taxation

Taxation is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law.

Types of Taxation

There are several types of taxation, including income tax, corporate tax, sales tax, property tax, and excise tax. Each type of tax has different rates and regulations depending on the country and the specific tax laws in place.

Income Tax

Income tax is a tax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer.

Corporate Tax

Corporate tax is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities.

Sales Tax

Sales tax is a tax paid to a governing body for the sales of certain goods and services.

Property Tax

Property tax or millage tax is an ad valorem tax levy on the value of property that the owner of the property is required to pay to a government in which the property is situated.

Excise Tax

Excise tax is any duty on manufactured goods which is levied at the moment of manufacture, rather than at sale.

Tax Evasion and Avoidance

Tax evasion is the illegal evasion of taxes by individuals, corporations, and trusts. Tax avoidance, on the other hand, is the legal usage of the tax regime to one's own advantage to reduce the amount of tax that is payable by means that are within the law.

See Also

• Tax law
• Tax policy
• Tax reform
• Tax resistance
• Tax rate
• Taxable income
• Tax collection
• Tax treaty
• Tax return (United States)

Taxation Resources
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