Net of Tax

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14/9/04
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Source: http://www.accountz.com/glossary.html#n
Definition: The price less any tax. Eg. if you sold some goods for $12 inclusive of $2 sales tax, then the 'net of tax' price would be $10


Source: http://www.accountz.com/glossary.html#n
Definition: means the effect of applicable taxes (usually income taxes) has been considered in determining the overall effect of an item on the financial statements. The phrase is used when a company has items that must be disclosed in a separate section. Each such item should be reported net of the applicable taxes.
 

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