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Definition of «taxation»

Taxation refers to the process by which a government imposes a financial charge on its citizens or businesses. It is used as a means for raising revenue to fund various public services and programs, such as healthcare, education, infrastructure development, and national defense. Taxpayers are required to pay taxes based on their income, property, or consumption, among other factors, in accordance with the laws of the jurisdiction they reside in or earn income within.

Usage examples

  1. Taxation is the process of imposing levies or charges on individuals and businesses by the government to fund public services.
  2. Here are some examples of taxation:

Phrases with «taxation»

Sentences with «taxation»

  • Indeed, one of the main reasons we have a lower rate of taxation on small business income is to allow business owners to pump the savings back into growing their business. (huffingtonpost.ca)
  • Traditional C - corporation status provides the protection of limited liability for shareholders, but at a cost of double taxation of earnings — at both the corporate and shareholder levels. (inc.com)
  • One of them, perhaps the most generous, is an exemption from taxation on the profit from the sale of your principal residence. (sapling.com)
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See also

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