refund

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refund

return of money to a purchaser or the amount so returned
References in periodicals archive ?
Taking Europe as an example, Cunha said a tourist can get the VAT paid on certain items refunded once the purchase in a specific shop exceeds a minimum threshold of 175 euros (Dh750).
The IRS then abated and refunded to Coca-Cola $12.4 million of tax and $5.5 million in deficiency interest.
Moreover, the tax benefit rule does not require the refund be taken into income because the amount refunded was never deducted under California law.
If a taxpayer files a claim for refund within three years of filing a tax return, the taxpayer may be refunded all taxes overpaid during the three years before the claim was filed, including filing extensions.
While tenants in commercial buildings normally pay escalations based on increases in property taxes, many tenants are not entitled to refunds when years later, the owner wins a court case and overcharges are refunded. So the validity of refunds for tenants in the building will have to be determined based on the leases, most of which were kept by the managing agents of the building.
The article also focuses on the three components of an advance refunding transaction; the refunded bonds, the escrow account and the refunding bonds.
Accordingly, the IRS should reconsider its position that the three-year limitations period determines whether an overpayment can be refunded if a taxpayer incurs an NOL after it files an amended return to claim a deduction rather than a tax credit for foreign taxes paid.
For instance, for the Tax Court to be able to award a refund, section 6512(b)(3) says the tax to be refunded must have been paid during the relevant look-back period specified in the section.
There is no evidence that more than this $2 million a month has been distributed despite the budget document's report that $202 million was to be refunded in this past fiscal year, an increase of $31 million over the year before.
Summary: Here are the steps you need to know to get VAT refunded
301.6601-1(e)(3) (still unissued) would eliminate the discrepancy between the proposed regulation and Avon Products, and provide that when a tentative allowance is refunded without interest and later determined to be excessive, underpayment interest on the resulting deficiency would begin to run only from the date the tentative allowance was issued.