withholding tax

(redirected from Retention tax)
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with·hold·ing tax

 (wĭth-hōl′dĭng, wĭth-)
n.
A portion of an employee's wages or salary withheld by the employer as partial payment of the employee's income tax. Also called payroll tax, withholding.

withholding tax

n
1. (Banking & Finance) tax deducted at source from income, esp from dividends, paid to nonresidents of a country, which may be reclaimed if a double-taxation agreement exists between the country in which the income is paid and the country of residence of the recipient
2. (Industrial Relations & HR Terms) US a portion of an employee's tax liability paid directly to the government by the employer

withhold′ing tax`


n.
that part of an employee's tax liability withheld by the employer from wages or salary and paid directly to the government. Also called with•hold′ing.
[1940–45]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.withholding tax - income tax withheld from employees' wages and paid directly to the government by the employer
income tax - a personal tax levied on annual income
pay as you earn, PAYE - the British system of withholding tax
Translations
AbgeltungsteuerQuellensteuer

withholding tax

(US) → (vom Arbeitgeber) einbehaltene Steuer
References in periodicals archive ?
Withholding tax, or retention tax, is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income.
The Israeli Tax Authority is negotiating a retention tax agreement with Airbnb that will let it tax hosts automatically through the company's website, people familiar with the matter who spoke on conditions of anonymity told Calcalist.
Mr O'Mahoney, 58, also pleaded not guilty to conspiracy to defraud the Revenue Commissioners, who were conducting an investigation into bogus non-resident accounts which may have been liable for Deposit Interest Retention Tax.
According to charges, in 2003, the three allegedly conspired to hide or omit accounts, connected to AIB chairman, Sean FitzPatrick, from the bank's Core Banking System (CBS) or from documentation provided to Revenue officials, who were conducting an investigation into bogus non-resident accounts, which may have been liable for Deposit Interest Retention Tax (DIRT).
Cuts which have hit those groups include the abolition of the telephone allowance and the bereavement grant, changes to the Fair Deal scheme and a rise in the Deposit Interest Retention Tax.
* Align the Job Retention Tax Credit with the new provisions of the Job Creation Tax credit by increasing the annual cap to $13 million for new awards, which would help mitigate inflation's impact on eligible tax credit claims
"HMRC has obviously thought very clearly about catching funds held in trusts and companies or they would simply have demanded information on accounts that had opted for retention tax under the European Savings Directive - arguably an option that is indicative of tax evasion.
Although not part of the EU, the three UK Crown Dependencies (Guernsey, Jersey, and the Isle of Man), have voluntarily agreed to apply the same measures to those in the ESD and have elected to implement the withholding tax option (also known as the "retention tax option") within the Crown Dependencies.