TAX WAIVER Meaning and
Definition
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A tax waiver refers to an act or process through which a government or authorized entity provides relief or exemption from certain taxes for specific individuals, organizations, or transactions. It involves the complete or partial release from the obligation to pay a particular tax that would normally be levied by the government.
Tax waivers are typically granted under specific circumstances, such as to promote economic growth, attract investments, support charitable causes, or provide temporary relief during challenging economic times. Entities eligible for tax waivers may include individuals, businesses, non-profit organizations, or specific industries. The waiver can cover a wide range of taxes, including income tax, property tax, sales tax, customs duties, or corporate tax.
These waivers are usually subject to certain conditions or requirements that must be fulfilled by the beneficiaries. Such conditions might involve demonstrating compliance with specific regulations, meeting certain investment or employment criteria, or fulfilling social responsibilities.
Tax waivers are considered as a beneficial tool to incentivize desired behaviors or activities, stimulate economic development, and provide assistance to those in need. However, it is important for governments to strike a balance between granting waivers to promote growth and ensuring adequate revenue collection for public services and infrastructure development. Tax waivers are subject to scrutiny to prevent misuse or abuse, and they are subject to periodic review and evaluation to assess their effectiveness and impact.
Common Misspellings for TAX WAIVER
- rax waiver
- fax waiver
- gax waiver
- yax waiver
- 6ax waiver
- 5ax waiver
- tzx waiver
- tsx waiver
- twx waiver
- tqx waiver
- taz waiver
- tac waiver
- tad waiver
- tas waiver
- tax qaiver
- tax aaiver
- tax saiver
- tax eaiver
- tax 3aiver
- tax 2aiver
Etymology of TAX WAIVER
The word "tax waiver" is derived from two main sources: "tax" and "waiver".
1. Tax: The term "tax" comes from the Latin word "taxare", meaning "to estimate, appraise, or censure". It was originally used to describe a charge imposed by the government on individuals or entities to fund public expenditure. Over time, the term "tax" evolved to encompass various types of charges, levies, or assessments.
2. Waiver: The term "waiver" originates from the Old Northern French word "weyver", which means "to abandon or renounce". It later entered Middle English as "weyveren", used with a similar meaning. The concept of "waiver" involves voluntarily giving up or relinquishing a right, claim, or privilege.
The combination of these two terms, "tax" and "waiver", gives us "tax waiver".
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