Tax System

Business, Legal & Accounting Glossary

Definition: Tax System



What is the dictionary definition of Tax System?

Dictionary Definition


The means by which taxes are raised and collected in accordance with tax legislation.


Full Definition of Tax System


Tax systems fall into three main categories: regressive, proportional, and progressive. Regressive taxes have a greater impact on low-income individuals than they do on high-income earners. A proportional tax, also referred to as a flat tax, impacts low-, middle-, and high-income earners relatively equally.


Synonyms For Tax System


tax regime, tax treatment, taxation system, tax arrangements, tax scheme

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Tax System. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/tax-system/ (accessed: July 08, 2020).
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Tax System. PayrollHeaven.com. Retrieved July 08, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/tax-system/

Definition Sources


Definitions for Tax System are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 6th April, 2020 | 10 Views.