Final Answer:
A Taxing authority is any organization that is legally able to levy and collect a tax
Step-by-step explanation:
The term taxing authority directly corresponds to the user's blank. This phrase encapsulates any entity with the legal capacity to impose and gather taxes. The critical aspect of a taxing authority is its legal standing to enforce taxation. This implies that the entity has the rightful power conferred by law to impose taxes on individuals, businesses, or other entities within its jurisdiction.
The core functions of a taxing authority involve both the imposition (levying) and retrieval (collecting) of taxes. Levying pertains to setting the tax rates and determining the taxable base, while collecting involves obtaining the designated tax amounts from the taxpayers. Taxing authorities can vary widely, encompassing entities at different levels of government, such as local, state, or federal authorities.