The most common and most likely answer to this crossword clue is the 7 letter word LEVYING
I've seen this crossword clue in Financial Times
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More clues leading to the result LEVYING
Buddy explains!
The straight part
We know that "The imposition of taxes" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case the imposition of taxes = levying.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does LEVYING mean?
LEVYING verb- To impose (a tax or fine) to collect monies due, or to confiscate property.
- To raise or collect by assessment; to exact by authority.
- To draft someone into military service.
- To raise; to collect; said of troops, to form into an army by enrollment, conscription. etc.
- To wage war.
- To raise, as a siege.
- To erect, build, or set up; to make or construct; to raise or cast up.
- The act by which something is levied.