remit verb - definition in the Business English Dictionary - Cambridge Dictionaries Online

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English definition of “remit”

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remit

verb [T]
 
 
/rɪˈmɪt/ (-tt-)
FINANCE to send money to someone, especially as a payment for something: remit sth to sb/sth The British parent company of a multinational group may need to remit profits from its foreign subsidiaries to Britain, so that it has enough money to pay its own dividends.remit taxes/proceeds/funds Legislation requires businesses to collect and remit sales tax on a six-monthly basis.
LAW to order a legal case to be dealt with in a different court of law: be remitted to the court/tribunal The case will be remitted to the tribunal for reconsideration.
LAW to state legally that someone does not have to do something, for example pay a debt: The fine was calculated at £3,500 but was subsequently remitted.
(Definition of remit verb from the Cambridge Business English Dictionary © Cambridge University Press)
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