DAY BOOK Definition

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DAY BOOK is a written record/ledger in which transactions have been recorded as they occurred.

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BILL AND HOLD INVENTORY see SHIP IN PLACE.

WITHOLDING, dependent upon application, is: a. income tax withheld from employees wages and paid directly to the government by the employer; or, b. a tax deducted from dividends on investments which are paid to foreign investors. This can be claimed back if there is a Double Taxation Agreement in place between the countries. See WITHHOLDING TAX.

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