Payment

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An amount of money paid.


1.

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.


2.

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.


See also