REVENUE, It is the total amount of money a business earns from its core operations—such as selling goods or providing services—before any expenses are deducted. Often called the "top line" of an income statement, it measures business volume over a specific period., INCOME, Money received, especially on a regular basis, for work or through investments., TAX, A compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions., TAX-LIKE REVENUE, State or municipal revenues that must be paid compulsorily and for which no direct or immediate service is provided in return. Although they do not always formally qualify as classic taxes, they operate in a similar manner: they are prescribed by law, mandatory, and serve to finance public functions., CENTRAL BUDGET, It refers to the financial plan of a national government, detailing its expected revenues and expenditures for a given fiscal year., CONTRIBUTION, A mandatory public charge paid by insured individuals and/or employers to finance social security benefits. In return for paying it, the payer acquires entitlement to certain benefits (e.g., pension, healthcare services, sick pay)., CUSTOMS DUTY, It is a tax imposed on goods when they are imported into or exported from a country., DUTY / LEVY, A mandatory public charge levied by the state or a local authority in connection with an administrative procedure, an official service, or a transaction involving the acquisition of property. Although it is not a tax, it is regarded as a tax-like revenue because it is prescribed by law, compulsory, and not linked to any market-based service in return., CHARGE / LEVY / IMPOSE TAX ON, To demand an amount of money, such as a tax, from a particular group of people or when you buy or do a particular type of thing., TAX EXEMPTION, It is a legal provision that frees a person, organisation, income type, transaction, or asset from having to pay a particular tax that would normally apply, TAX AVOIDANCE, It is the practice of legally reducing one’s tax liability by arranging finances, transactions, or business structures in a way that makes use of permitted allowances, deductions, reliefs, or loopholes in the tax system., TAX FRAUD, It is the intentional and illegal act of deceiving tax authorities in order to avoid paying taxes that are legally owed. It involves deliberate misrepresentation, concealment, or falsification of information to reduce or eliminate a tax liability., TAX RETURN, It is an official form or declaration submitted to the tax authorities in which an individual or business reports their income, expenses, allowances, and other relevant financial information for a specific tax year., FILE / SUBMIT A TAX RETURN, Handing in the tax return..

Basic Tax Terms

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