Payment: Difference between revisions

Revision as of 16:03, 21 May 2015

An amount of money paid.

Defined broadly, payment refers to the payor’s transfer of a monetary claim on a party acceptable to the payee. Typically, claims take the form of banknotes or deposit balances held at a financial institution or at a central bank.
The term is also defined more strictly for certain accounting and tax purposes, where the exact timing of payments - for example either within or outside of a given tax calculation period - may be essential for the determination of tax liabilities and tax reliefs.

@@ Line 1: / Line 1: @@
-.
+An amount of money paid.
-Defined broadly, payment refers to the payor’s transfer of a monetary claim on a party acceptable to the payee.
+#Defined broadly, payment refers to the payor’s transfer of a monetary claim on a party acceptable to the payee. Typically, claims take the form of banknotes or deposit balances held at a financial institution or at a central bank.
+#The term is also defined more strictly for certain accounting and tax purposes, where the exact timing of payments - for example either within or outside of a given tax calculation period - may be essential for the determination of tax liabilities and tax reliefs.
-Typically, claims take the form of banknotes or deposit balances held at a financial institution or at a central bank.
-.
-The term is also defined more strictly for certain accounting and tax purposes, where the exact timing of payments - for example either within or outside of a given tax calculation period - is important for the determination of tax liabilities and reliefs.