Definition, Meaning & Synonyms

retax

Verb

/ˈriːtæks/

Definition

To return a tax previously paid or to adjust a tax assessment.

Examples

After reviewing the financial statements, the accountant decided to retax the previous earnings.
The government issued a retax notice due to discrepancies in the reported income.
It’s important to retax if you believe you have overpaid in your last return.

Meaning

The term ‘retax’ refers to the process of re-evaluating and possibly returning tax amounts that have already been paid or assessed. This can involve correcting errors or making adjustments based on new information.