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English definition of “tax”

tax

noun [C or U]
 
 
/tæks/ (plural taxes) TAX, FINANCE
an amount paid to the government based on a person's income, a company’s profits, the value of goods and services, etc, or this money considered together: Offshore trading companies are liable to pay tax at a rate of 5%.avoid/evade/escape tax Huge companies have the money to pay lawyers who advise them on ways to avoid tax.a tax on sth The law states that foreign businesses must pay taxes on business conducted in the US.increase/put up/raise taxes Many of the opposition's proposals will be very difficult to achieve without raising taxes.introduce/impose/levy a tax (on sth) The city has levied a tax of €1,000 on any SUVs registered to city-center addresses. abolish/cut/reduce a tax lift/remove a taxtax cuts/increases/rises The government must tighten its budget next year to offset poorly timed tax cuts. If you do not make the tax payment by February 28, an additional 5% surcharge is imposed.after/before tax The bank's bad debt provision forced profits before tax down to €152.7m.exclusive/inclusive of tax(es) The hotel failed to provide room rates inclusive of taxes.high/low tax(es) The area has very low property taxes. basic-rate/higher-rate tax a tax accountant/adviser/consultant a tax authority/agency/office
→ See also ad valorem, after-tax, back tax, capital gains tax, capital tax, consumption tax, corporation tax, council tax, death tax, deferred tax, degressive tax, direct tax, discriminatory tax, EBIT, estate tax, excise tax, expenditure tax, federal tax, flat tax, gift tax, goods and services tax, graduated tax, head tax, hypothecated taxes, income tax, indirect tax, inheritance tax, input tax, local tax, luxury tax, output tax, payroll tax, personal income tax, pre-tax, progressive tax, property tax, proportional tax, purchase tax, real estate tax, regressive tax, road tax, sales tax, sin tax, social security tax, specific tax, state tax, stealth tax, supertax, surtax, transaction tax, turnover tax, unitary tax, value-added tax, wealth tax, windfall tax, withholding tax
(Definition of tax noun from the Cambridge Business English Dictionary © Cambridge University Press)
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