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  3. Tax

Tax

noun

Money raised by the Government from taxpayers to pay for the services it provides. Some taxes are called indirect because they are part of the price we pay for goods and services, such as VAT. Other tax is called direct because the individual taxpayer pays it. Income tax and corporation tax are examples of direct taxes.

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For example

Value Added tax applies to all goods bought or sold in the EU.

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For Finance and Commercial law
Cheque card
Debt securities
Fiduciary
Issued share capital

Other useful terms:

Tax avoidance

Reducing tax bills by using legal means.

Tax evasion

Breaking the law to reduce tax bills, such as by concealing income.

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