Definition: Refectorary is a type of tax deduction that allows individuals to reduce their taxable income by paying less than the standard amount. This means that the amount of tax you pay on your income is lower, which can be beneficial for those who earn more and have higher incomes. In order to qualify for refectorary, an individual must meet certain criteria such as having a high-income earner or being in a position where the income exceeds their standard deduction. Additionally, individuals may also need to have a
closed bracket.
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