levy
Pronunciation: [ˈlɛvi]
Word
Context: "finance"
(verb) to officially take money from people or businesses, usually as a tax. Governments do this to collect money to pay for public services like schools or roads.
Example
The city decided to levy a small tax to improve the parks.
Example
They chose not to levy any additional fees this year.
Example
What kind of taxes does the government levy on your income?
Context: "finance"
(noun) an amount of money that is taken or charged, usually as a tax. This is the money that people or businesses must pay to the government.
Example
The new levy on sugary drinks aims to reduce consumption.
Example
There was no levy for the services provided; it was completely free.
Example
What is the total amount of the levy we have to pay this year?
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