Economic Literacy: "Abatement"

Abatement is a reduction in the level of taxation faced by an individual or company.

Examples of an abatement include a tax decrease, a reduction in penalties or a rebate. 

If an individual or business overpays its taxes or receives a tax bill that is too high, it can request an abatement from the tax authorities.

Ahmed Xahir
Ahmed Xahir

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