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Definition of Remit

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Remit

Pay for purchase goods or services by cash, cheque, or electronic payment.



Related Terms:

Private unrequited transfers

Refers to resident immigrant workers' remittances to their country of origin as
well as gifts, dowries, inheritances, prizes, charitable contributions, etc.


Subpart F

Special category of foreign-source "unearned" income that is currently taxed by the IRS whether
or not it is remitted to the U.S.


Withholding tax

A tax levied by a country of source on income paid, usually on dividends remitted to the
home country of the firm operating in a foreign country. Tax levied on dividends paid abroad.


Electronic Federal Tax Payment Systems (EFTPS)

An electronic funds transfer system used by businesses to remit taxes to the government.


Form 940

A form used to report federal unemployment tax remittances and liabilities.



Factoring

The discounting, or sale at a discount, of receivables on a nonrecourse, notification
basis. The purchaser of the accounts receivable, the factor, assumes full risk of collection and
credit losses, without recourse to the firms discounting the receivables. Customers are notified to
remit directly to the factor.


Electronic depository transfers

The transfer of funds between bank accounts through the Automated
Clearing House (ACH) system.


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Going-private transactions

Publicly owned stock in a firm is replaced with complete equity ownership by a
private group. The shares are delisted from stock exchanges and can no longer be purchased in the open
markets.


Official unrequited transfers

Include a variety of subsidies, military aid, voluntary cancellation of debt,
contributions to international organizations, indemnities imposed under peace treaties, technical assistance,
taxes, fines, etc.


Private Export Funding Corporation (PEFCO)

Company that mobilizes private capital for financing the
export of big-ticket items by U.S. firms by purchasing at fixed interest rates the medium- to long-term debt
obligations of importers of U.S. products.


Private-label pass-throughs

Related: Conventional pass-throughs.


Private placement

The sale of a bond or other security directly to a limited number of investors.


Unilateral transfers

Items in the current account of the balance of payments of a country's accounting books
that corresponds to gifts from foreigners or pension payments to foreign residents who once worked in the
country whose balance of payments is being considered.


Privately held

A company that is entirely owned by a small number of people; further, its shares are not publicly traded.


private placement

Sale of securities to a limited number of investors without a public offering.


Private Saving

That part of disposable income not spent on consumption.


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Private Placement

Sale of stocks, bonds or other investments directly to an institutional investor or individuals. Prior registration with the regulatory authorities is not required if the securities are purchased for investment as opposed to resale.



 

 

 

 

 

 

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