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Definitions from the Web

Statutory Levies

Definition:

Statutory levies refer to legally mandated taxes, fees, or charges imposed by the government on individuals, organizations, or businesses to generate revenue. These levies are enforced by law and are applicable to specific activities, products, or services.

Senses:

1. Noun: The mandatory payments imposed by law to finance public goods and services.
2. Noun: The mandatory charges imposed by law on certain goods or services as a form of tax or fee.

Examples:

1. The government introduced new statutory levies on imported goods to promote domestic industries.
2. Businesses are responsible for the payment of statutory levies such as income tax, sales tax, and social security contributions.
3. Statutory levies on alcohol products are intended to discourage excessive consumption and promote public health.
4. The company was fined for non-compliance with statutory levies that were specified under the environmental protection laws.

Related Products:

• Tax Planning Books
• Finance Law Textbooks
• Accounting Software