This is the 3196th most frequent Russian word.
налоговый
Relating to taxes or taxation.
Here, 'налоговая' is used as an adjective to specify 'policy', talking about its relation to taxes.
Налоговая политика влияет на экономику страны.
Tax policy impacts the country's economy.
In this sentence, 'налоговый' describes 'inspector', indicating their functions related to taxation.
Налоговый инспектор проверяет отчёты компаний.
The tax inspector checks the companies' reports.
Here, 'налоговые' is used as an adjective to describe 'льготы', pertaining to benefits within tax regulations.