Outrageously Funny Word Dictionary :: Retax

👉 Retaxation is a principle in accounting that refers to the act of returning an amount of money to a person or entity who has already paid for something. It occurs when someone receives a benefit from another party, such as a gift or compensation, and they decide to return it to the sender, either by giving back the original amount or paying back the full value of the benefit. For example, if a company gives an employee a bonus, and that person decides to receive the bonus in cash instead

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👉 "Retax" refers to a tax that is imposed on individuals or businesses who have received more money than they need, and which can be used to fund additional expenditures. This type of tax can take various forms, such as income taxes, property taxes, sales taxes, or any other form of taxation that includes a portion of the individual's or business' earnings for future use. Retaxes are often necessary in situations where individuals or businesses have received more money than they need to cover their expenses

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