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English definition of “taxation”

taxation

noun [U]
 
 
/tækˈseɪʃən/ TAX, GOVERNMENT
the system of collecting taxes: The proposals restrict investors' ability to shelter their assets from taxation. Reform of the country's taxation system is high on the Government's economic agenda.central/general/local taxation Britain has one of the highest rates of personal taxation in the world. Generally, all capital gains are taxable unless you are exempt from taxation. In Europe health care, education or sponsorship of the arts, have largely been financed through higher rates of taxation. The committee proposed a sweeping overhaul of the tax code last week, aimed at shifting more of the burden of taxation to the wealthy business/company/corporate taxation
money that is collected as tax: cut/reduce/raise taxation The big corporations are adamant the government must reduce taxation. excessive/heavy taxation high/low taxation
→ See also capital tax, deferred tax, direct taxation, discriminatory taxation, double taxation, indirect taxation, multiple taxation, redistributive taxation
(Definition of taxation from the Cambridge Business English Dictionary © Cambridge University Press)
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