Withdrawal

Withdrawal means:
the removal of money or the like from a bank, partnership, or owner's drawing account. When income or goods are withdrawn from a business by the entrepreneur to his private household (without a consideration), the income or the value of such goods normally constitutes a taxable event in the hands of the recipient for income tax purposes. A cash withdrawal does not imply taxability, as cash flow and taxable income are not the same.

U.S. and other Developed Countries International Tax Meaning

A withdrawal of goods or services for private use constitutes a taxable transaction for VAT purposes in most countries using such a system.

State Income Tax

See Value Added Tax and Value Added Tax in the World.

See Indirect Tax in the U.S. Reference and Indirect Tax in the International reference.