tax noun definition in Economy topic from the Oxford Advanced Learner's Dictionary


 noun: Economy topic
[countable, uncountable] money that you have to pay to the government so that it can pay for public services. People pay tax according to their income and businesses pay tax according to their profits. Tax is also often paid on goods and services. to raise/cut taxes tax increases/cuts changes in tax rates to pay over £1 000 in tax profits before/after tax Income tax will be deducted by your employer. tax on something a tax on cigarettes

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