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单词 pay as you earn
释义
pay as you earn

Economics
  • The UK system of collection of income tax on earned incomes at source. Employers are required by law to deduct personal income tax and National Insurance contributions from their employees’ earnings at the time of payment, and forward the tax and contributions collected to HM Revenue and Customs (HMRC). This increases the speed and reliability of the government’s income tax revenue collection. The PAYE system transfers part of the administrative burden of income taxation from HMRC onto employers.


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