News tagged with tax

Related topics: carbon emissions

South Korea to hike cigarette price by 80%

South Korea on Thursday proposed a steep 80 percent hike in cigarette prices to cut consumption in a nation with one of the world's highest male smoking rates.

Sep 11, 2014
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Cigarette co Reynolds taking nicotine gum national

Cigarette maker Reynolds American Inc. is taking its Zonnic brand nicotine gum nationwide, challenging the pharmaceutical industry's hold and pricing power of the market for products to help people stop smoking.

Sep 04, 2014
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Medtronic spends $350M on another European deal

U.S. medical device maker Medtronic is building stronger ties to Europe, a couple months after announcing a $42.9 billion acquisition that involves moving its main executive offices across the Atlantic, where it can get a ...

Aug 27, 2014
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US appeals court deals blow to health law

(AP)—President Barack Obama's health care law is snared in another big legal battle after two federal appeals courts issued contradictory rulings on a key financing issue Tuesday.

Jul 22, 2014
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AbbVie, Shire agree on $55B combination

The drugmaker AbbVie has reached a deal worth roughly $55 billion to combine with British counterpart Shire and become the latest U.S. company to seek an overseas haven from tax rates back home.

Jul 18, 2014
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Tax

To tax (from the latin taxare: to estimate, which in turn is from tangere: to touch) is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state.

Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid). A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government […] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government […] whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."

In modern taxation systems, taxes are levied in money, but in-kind and corvée taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, or Her Majesty's Revenue and Customs (HMRC) in the UK. When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration) may be imposed on the non-paying entity or individual.

This text uses material from Wikipedia licensed under CC BY-SA