levy

levy
▪ I. levy lev‧y 1 [ˈlevi] verb levied PTandPP
levy a tax/​charge/​fine etc to officially make someone pay a tax etc:

• The penalty is among the largest fines ever levied for environmental crimes.

levy a tax/​charge/​fine etc levy something on something/​somebody

• The city will levy a tax of $68 a year on each piece of property in the district.

  [m0] ▪ II. levy levy 2 noun levies PLURALFORM [countable]
1. TAX a tax:

• The minister announced higher levies on heating oil and gasoline.

ˌcapital ˈlevy TAX
1. a tax paid by someone on the value of their property and assets:

• There will be a 2% capital levy increase beginning April 1.

2. a special tax on wealth, for example when a country is at war or in a dangerous situation:

• He resisted the idea of a capital levy, and Britain paid a high proportion of the costs of the war out of general taxation.

ˈimport ˌlevy TAX
a tax on goods coming into a country from abroad, often used by governments as a way of reducing imports and protecting local industries; = IMPORT DUTY; IMPORT SURCHARGE; IMPORT TARIFF:

• The imposition of a 9% across-the-board import levy has slowed imports.

2. a charge paid by members of a professional association or trade union:

• He is planning a new levy of 15 cents a month from each union member.

3. TAX LAW an occasion when the authorities take a person's or organization's assets because they have not paid tax that they owe:

• The IRS now uses two million levies a year to seize wages, bank accounts, and other funds of delinquent taxpayers.

* * *

Ⅰ.
levy UK US /ˈlevi/ noun [C] (plural levies) FINANCE, TAX
► an amount of money, such as a tax, that has to be paid to a government or organization: »

The financial authority is to impose a levy on every financial product sold.

 be exempt from/pay a levy »

Social Security income that resides in a bank account is exempt from a levy.

 abolish/end a levy »

The government plans to abolish a levy on equities trading.

→ Compare CAPITAL TAX(Cf. ↑capital tax), IMPORT DUTY(Cf. ↑import duty)
Ⅱ.
levy UK US /ˈlevi/ verb [T] FINANCE, TAX
► to officially ask for an amount of money, such as a tax, for a government or organization: levy a tax on sth »

The tax is levied on companies' energy use.


Financial and business terms. 2012.

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  • LÉVY (P.) — LÉVY PAUL (1886 1971) Mathématicien français né et mort à Paris. Ingénieur au corps des Mines, docteur ès sciences en 1912, Paul Lévy enseigna l’analyse à l’École polytechnique de 1920 à 1959, ainsi que l’analyse et la mécanique à l’École… …   Encyclopédie Universelle

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