This is the 1046th most frequent Russian word.
налогов
"Налогов" means "of taxes" in English.
In this sentence, "налогов" is in the genitive plural form, used to indicate the object of the verb "повысило ставку" (increased the rate). It specifies the type of rates being discussed, namely tax rates.
Государство повысило ставку налогов для поддержки экономики.
The state increased the tax rate to support the economy.
Here, "налогов" refers to taxes in the genitive plural form, specifying what the companies are reporting about. It complements the main subject (companies) and verb (report).
Компании должны отчитываться о своих доходах и налогах ежегодно.
Companies must report their income and taxes annually.
In this usage, "налогов" again appears in the genitive plural form, used here to describe the rates that the representatives want reduced, providing context to their specific nature.