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English definition of “rebate”

rebate

verb [T]     /ˈriːbeɪt/
COMMERCE to pay back an amount of money to customers after they have bought something: Buying your pension through an independent adviser who can rebate all commission will keep charges down. Issuers charging an annual fee will normally rebate part of it either to the cardholder or direct to a nominated charity .
ACCOUNTING, FINANCE, TAX to pay back an amount of money to someone after they have paid too much: All overpayments must be rebated to taxpayers .
(Definition of rebate verb from the Cambridge Business English Dictionary © Cambridge University Press)
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