Taxes are a compulsory contribution, unrequited payments, in cash or in kind paid to the government that is based on the income or cost of goods or services. (e.g., income, sales, property, VAT, etc.)
Related Definition by Investopedia.com: Taxes are involuntary fees levied on individuals or corporations and enforced by a government entity, whether local, regional or national, in order to finance government activities. There are several very common types of taxes: Income Tax (a percentage of individual or corporate earnings filed to the federal government); Sales Tax (taxes levied on certain goods and services); Property Tax (based on the value of land and property assets); Tariff (taxes on imported goods imposed in the aim of strengthening internal businesses), Estate tax (rate applied to the fair market value of a property at the time of death, etc.).
Related Definitions in the Project: The Project Cost; Commercial Definitions
