Meaning Of The Word Withholding tax

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Withholding tax Meaning

Withholding tax Definition
Withholding tax Definition

What's The Definition Of Withholding tax?

withholding tax
variable noun: A withholding tax is an amount of money that is taken in advance from someone's income, in order to pay some of the tax they will owe.

withholding tax in American English
the amount of income tax withheld, as payment in advance, from employees' wages or salaries
noun: that part of an employee's tax liability withheld by the employer from wages or salary and paid directly to the government

withholding tax in British English
noun: tax deducted at source from income, esp from dividends, paid to nonresidents of a country, which may be reclaimed if a double-taxation agreement exists between the country in which the income is paid and the country of residence of the recipient

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