taxable
Subject to government taxation
Describes money, goods, or benefits that the law says you must pay tax on.
taxable [income/benefit/amount/goods]
- Only a portion of your scholarship may be taxable, depending on how you use the money.
- The company reported its total taxable income for the year in its annual return.
- In many countries, gifts below a certain value are not taxable.
- The bonus you received at the end of the year is fully taxable.
- Some types of savings accounts offer interest that is not taxable until you withdraw it.
- Is this money from my job taxable in this country?
- The car from his company is a taxable benefit.
- She wants to know which of her savings are taxable.
- Not all of their income is taxable under this law.
Legally liable to pay tax
Describes a person or company that the law says must pay tax in a place.
a taxable [person/entity/resident/company]
- Under the new rules, any taxable person must register for VAT once their turnover exceeds the threshold.
- Foreign workers may become taxable residents if they stay in the country for more than 183 days in a year.
- A charitable organization is generally not treated as a taxable entity for corporate income tax.
- He is now a taxable resident in this country.
- Only a taxable person has to charge VAT on their sales.
- The company became a taxable entity when it started trading here.
- Base: taxable
taxable benefit
1Benefit from employer that is taxed
Something you get from your job, like a company car or free housing, that the law counts as income and taxes.
- The company car is treated as a taxable benefit and will appear on your tax form.
- Free lunch at the office may be a taxable benefit, depending on local tax rules.
taxable event
1Action that triggers a tax charge
An action, like selling an asset or getting paid, that starts the legal need to pay tax.
- The sale of the property is a taxable event that must be reported to the authorities.
- Receiving stock options is not always a taxable event, but exercising them often is.
taxable income
1Income amount that is taxed
The part of your income that the government uses to calculate how much tax you must pay.
- After deductions for retirement savings and health insurance, her taxable income was much lower.
- You should check which expenses you can subtract before you calculate your taxable income.
taxable supply
1Goods or services sale that is taxed
A sale of goods or services that must have VAT or sales tax added to the price.
- Only businesses making taxable supplies above the threshold must register for VAT.
- Food for takeaway may be a taxable supply, while basic groceries might be zero-rated.
taxable year
1Year used for tax purposes
The 12‑month period that the government uses to measure your income and tax.
- For individuals, the taxable year usually matches the calendar year.
- The company changed its taxable year to align with its parent corporation.