Law allowing tax payers to rectify past tax returns without being penalized.

a term that is applied to income that is not taxable.

Income or investments that are tax free in order to encourage more of it.

Revenue a government doesn’t get from taxes allowing (1) exclusions, deductions and exemptions from taxable income and investments, (2) deferred tax liabilities, (3) preferential tax rates.

This term applies to revenue losses of a federal government due to it granting a special tax benefit to some tax payers.

a name given to a public employer who looks for properties that haven’t been assessed for taxes and puts them on a list to be assessed.

Where a government will enforce a lien on property to pay taxes owed.

Money that is received and does not have any tax to be paid on it.

Difference between what the government is owed in taxes and what they receive in taxes.

Increasing lower tax rates to match the higher rates in a geographical area.

A US corporation owned subsidiary in a foreign haven for tax.

See hidden tax.

Part of a mortgage payment kept by the lender and paid to revenue authorities when it is due.

A short period when a government will remove taxes from some items to encourage the purchase of these items. An example would be a tax free period before school goes […]

Effect of a tax on a product or consumption of the product.

Exemption or a deduction from tax that is given to entice people to engage in the action with the tax exemption.

See income tax.

An area, city, municipality , county, country with its own distinct regulations for taxation.

the name given to an attorney who specialises in the legal maters that concern taxes.

Tax payer incurred debt to the government. Short term liability .

Arising from not paying taxes on income or property this is the involuntary charge and must be paid first in a case of liquidation .

Provision of tax laws allowing entities to offset the current years net losses against income from the preceding years. See tax loss carry forward .

Tax law provision allowing an entity to offset the present financial years operating losses against income from preceding years. See tax loss carry back .

Lease agreement provision where the lessee has to pay all or part of property taxes.

Exercise minimizing liability using all deductions available.