tax ( taxes plural & 3rd person present) ( taxing present participle) ( taxed past tense & past participle )
1 n-var Tax is an amount of money that you have to pay to the government so that it can pay for public services.
They are calling for large spending cuts and tax increases., ...a pledge not to raise taxes on people below a certain income...
2 verb When a person or company is taxed, they have to pay a part of their income or profits to the government. When goods are taxed, a percentage of their price has to be paid to the government.
Husband and wife are now taxed separately on their incomes... be V-ed
The Bonn government taxes profits of corporations at a rate that is among the highest in Europe. V n, Also V
3 verb If something taxes your strength, your patience, or your resources, it uses nearly all of them, so that you have great difficulty in carrying out what you are trying to do.
Overcrowding has taxed the city's ability to deal with waste... V n
council tax →
income tax →
poll tax →
value added tax
airport tax ( airport taxes plural ) Airport tax is a tax that airline passengers have to pay in order to use an airport. n-var
Overnight return flights cost from £349 including airport taxes.
carbon tax ( carbon taxes plural ) A carbon tax is a tax on the burning of fuels such as coal, gas, and oil. Its aim is to reduce the amount of carbon dioxide released into the atmosphere. n-count
Corporation tax is a tax that companies have to pay on the profits they make. (BUSINESS) n-uncount
In Britain, council tax is a tax that you pay to your local authority in order to pay for local services such as schools, libraries, and rubbish collection. The amount of council tax that you pay depends on the value of the house or flat where you live. n-uncount also the N
departure tax ( departure taxes plural ) Departure tax is a tax that airline passengers have to pay in order to use an airport. n-var
Many countries charge departure tax in US dollars rather than local currency.
direct tax ( direct taxes plural ) A direct tax is a tax which a person or organization pays directly to the government, for example income tax. n-count
income tax ( income taxes plural ) Income tax is a certain percentage of your income that you have to pay regularly to the government. n-var
indirect tax ( indirect taxes plural ) An indirect tax is a tax on goods and services which is added to their price. Compare direct tax. n-count
inheritance tax ( inheritance taxes plural ) An inheritance tax is a tax which has to be paid on the money and property of someone who has died. n-count
pre-tax , pretax
Pre-tax profits or losses are the total profits or losses made by a company before tax has been taken away. (BUSINESS) adj ADJ n
Storehouse made pre-tax profits of £3.1m.
Pre-tax is also an adverb., adv ADV after v
Last year it made £2.5m pre-tax.
In Britain, road tax is a tax paid every year by the owners of every motor vehicle which is being used on the roads. n-uncount
sales tax ( sales taxes plural ) The sales tax on things that you buy is the amount of money that you pay to the national government, or, in the United States, to the local or state government. n-var
Tax avoidance is the use of legal methods to pay the smallest possible amount of tax. n-uncount
tax break ( tax breaks plural ) If the government gives a tax break to a particular group of people or type of organization, it reduces the amount of tax they have to pay or changes the tax system in a way that benefits them.
(mainly AM) n-count
Today they'll consider tax breaks for businesses that create jobs in inner cities.
tax credit ( tax credits plural ) A tax credit is an amount of money on which you do not have to pay tax. n-count
If an expense is tax-deductible, it can be paid out of the part of your income on which you do not pay tax, so that the amount of tax you pay is reduced. adj
Keep track of tax-deductible expenses, such as the supplies and equipment you buy.
tax disc ( tax discs plural ) In Britain, a tax disc is a small round piece of paper displayed on cars and motorcycles which proves that the owner has paid road tax. n-count
Tax evasion is the crime of not paying the full amount of tax that you should pay. n-uncount
Tax-free is used to describe income on which you do not have to pay tax. adj ADJ n, amount ADJ, v-link ADJ
...a tax-free investment plan.
tax haven ( tax havens plural ) A tax haven is a country or place which has a low rate of tax so that people choose to live there or register companies there in order to avoid paying higher tax in their own countries. n-count
Tax relief is a reduction in the amount of tax that a person or company has to pay, for example because of expenses associated with their business or property. n-uncount
...mortgage interest tax relief.
tax return ( tax returns plural ) A tax return is an official form that you fill in with details about your income and personal situation, so that the tax you owe can be calculated. n-count
tax shelter ( tax shelters plural ) A tax shelter is a way of arranging the finances of a business or a person so that they have to pay less tax. n-count
tax year ( tax years plural ) A tax year is a particular period of twelve months which is used by the government as a basis for calculating taxes and for organizing its finances and accounts. In Britain, the tax year begins on April 6th and ends on April 5th. In the United States, the tax year begins on January 1st and ends on December 31st. n-count
value-added tax , value added tax
Value-added tax is a tax that is added to the price of goods or services. The abbreviation VAT is also used.
withholding tax ( withholding taxes plural ) A withholding tax is an amount of money that is taken in advance from someone's income, in order to pay some of the tax they will owe.
(mainly AM, BUSINESS) n-var