Legal Dictionary of Pakistan

Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.

Equalization

n. 1. The raising or lowering of assessed values to achieve conformity. 2. Tax. The adjustment of an assessment or tax to create a rate uniform with another. - Also termed equalization of taxes; fair and proper legal assessment.

board of equalization.

See EQUALIZATION BOARD.

equalization board

A local governmental agency responsible for adjusting the tax rates in different districts to ensure an equitable distribution of the tax burden. - Also termed board of equalization.

equalization of taxes

See EQUALIZATION (2;

interest-equalization tax

A tax imposed on a U.S. citizen's acquisition of stock issued by a foreign issuer or a debt obligation of a foreign obligor, but only if the obligation did not mature within a year. ( This tax was repealed in the mid-1970s. IRC (26 USCA) § 4911.