Related topics: carbon emissions

To save climate, tax carbon at $75 per ton: IMF

The world's biggest carbon polluting nations should jointly agree to tax emissions at $75 per ton in the next decade to keep climate change at safe levels, the International Monetary Fund said Thursday.

German climate plan brings sharp air travel tax hike

Chancellor Angela Merkel's cabinet will sign off draft laws on new green taxes and subsidies this week, including much harsher charges on short-haul flights, German government sources said Tuesday.

Total loses bid for palm oil tax break

France's constitutional court rejected on Friday a bid by oil firm Total to secure a tax break for using controversial palm oil to create biofuel.

Tax

To tax (from the latin taxare: to estimate, which in turn is from tangere: to touch) is to impose a financial charge or other levy upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state.

Taxes are also imposed by many subnational entities. Taxes consist of direct tax or indirect tax, and may be paid in money or as its labour equivalent (often but not always unpaid). A tax may be defined as a "pecuniary burden laid upon individuals or property to support the government […] a payment exacted by legislative authority." A tax "is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is "any contribution imposed by government […] whether under the name of toll, tribute, tallage, gabel, impost, duty, custom, excise, subsidy, aid, supply, or other name."

In modern taxation systems, taxes are levied in money, but in-kind and corvée taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The method of taxation and the government expenditure of taxes raised is often highly debated in politics and economics. Tax collection is performed by a government agency such as Canada Revenue Agency, the Internal Revenue Service (IRS) in the United States, or Her Majesty's Revenue and Customs (HMRC) in the UK. When taxes are not fully paid, civil penalties (such as fines or forfeiture) or criminal penalties (such as incarceration) may be imposed on the non-paying entity or individual.

This text uses material from Wikipedia, licensed under CC BY-SA