Tax refund

Related to Tax refund: tax return

Tax refund

Money back from the government when too much tax has been paid or withheld from a salary.

Tax Refund

Money given back to a taxpayer if he/she/it has paid too much in taxes for a given year. Tax refunds are most common for employees from whose paychecks too much has been withheld because of deductions and credits for which the withholding does not account. One may only collect a tax refund for a certain number of years after it was originally due.

References in periodicals archive ?

'In order to provide liquidity support to the business and to promote economic activities in the country, the government has decided to issue verified sales tax refund of Rs22 billion for all years,' the FBR stated.

FBR releases sales, income tax refunds worth Rs23.7bn

ISLAMABAD -- Adviser to Prime Minister on Finance, Dr Abdul Hafez Sheikh Wednesday said that in order to facilitate taxpayers to get their tax refunds on time, the government was mulling over adopting Bangladesh and China model.

Bangladesh, China model of tax refunds to be adopted: Hafeez Sheikh

The electronic system of the Tax Refund Scheme for Tourists has registered significant success since its November launch, where the number of outlets connected to the system grew to 12 air, land and sea ports, including the Abu Dhabi International Airport; Al Ain International Airport; Dubai International Airport; Al Maktoum International Airport; Sharjah International Airport; and Ras Al Khaimah International Airport; as well as two sea ports: Zayed Port in Abu Dhabi and Port Rashid in Dubai; and four land ports: Al Ghuwaifat Border Post in Abu Dhabi, Hili Border Port and Al Madheef Border Crossing in Al Ain, and Dubai's Hatta Border Exit.

Self-Service Kiosks to Be Introduced Allowing Tourists to Recover VAT Without Dealing With Employees

Summary: Self-service kiosks have been set up across all of the ports included in the Tax Refunds for Tourists Scheme in order to allow tourists to r...

Tourists to recover VAT at new self-service kiosks

Government has planned to clear approx 40 to 60 billion rupees worth of refund claims through this scheme and it has finalized around 600 refund claimants who can Sales Tax Refund payments through Refund Bonds.

CDC set to facilitate 600 businesses to get refund claims

However, the director of the tax refund company noticed two credit card numbers repeatedly appeared in tax refund transactions for different travellers.

Airport clerk stole Dh70,000 in VAT refunds

RM17.1 billion out of RM37 billion in Goods and Services Tax (GST) and income tax refunds has been returned to taxpayers as of April 30.

Finance Minister: RM17.1b in GST, income tax refunds returned as of April 30

Example 1: State income tax refund fully includable: Taxpayer A paid property taxes of $4,000 and state income taxes of $5,000 in 2018.

Keeping Your Balance: Taxability of state and local tax refunds in 2019

The amount was supposed to complete the implementation of the Supreme Court (SC) directive on income tax refund amounting to P30.23 billion to Meralco customers until 2010.

ERC orders Meralco to publish list of P4.41-billion tax refund qualifiers

ERC has directed Meralco to submit a proposed scheme that incorporates the unclaimed tax refund for purposes of reducing the distribution rates of its customers, among others.

ERC to Meralco: Use tax refund to bring down electricity cost

WASHINGTON - The average tax refund is down 9 percent this year, the Internal Revenue Service announced Thursday.