Tax
A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions.
Business Glossary provided by Plannit.ai
Taxes are mandatory payments by individuals and businesses to governments, used to fund public services and governmental obligations. They vary widely, with direct taxes levied on income and indirect taxes applied to goods and services. Tax compliance is required by law, and failure to pay taxes can lead to legal penalties. The structure and implications of taxes are important considerations for economic policy, business planning, and personal finance management.
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