(1) Levying or imposition of the tax which is legislative act; and
(2) Collection of the tax levied which is essentially administrative in character.
The first is taxation, strictly speaking, while the second (including payment by the taxpayer) may be referred to as tax administration. The two processes together constitute the “taxation system.”
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“Tax deferral” is a method of postponing the payment of income tax on currently earned investment income until the investor withdraws funds from the account. Tax deferral is encouraged by the government to stimulate long-term saving and investment, especially for retirement. Tax deferral
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