Mostly businesses shorten names as the uses of number of terms are increasing. However, it generally leads to confusions. This page offers some terms with their abbreviations and meanings.

ACI Audit Committee Institute
AMA Advance Measurement Approach
AML Anti-Money Laundering
BRIC Brazil, Russia, India and China
CEE Central and Eastern Europe
CWO Cash With Order
CAS Capital Adequacy Standard
CESS This is an additional levy on the basic tax liability. Governments resort to cess for meeting definite expenditure. For example, both corporate and entity income is at present subject to an education cess of 2% and 1% cess as secondary and higher education cess on income tax to finance secondary and higher education
CURRENT ACCOUNT DEFICIT This deficit shows the difference between the nation's exports and imports
CURRENT ACCOUNT SURPLUS Excess of receipts over expenditure on current account in a country's balance of payments
CUSTOM DUTIES These duties are levied on goods whenever they are either brought into the country or exported from the country. The importer or the exporter pays custom duties
DIRECT TAX Taxes paid directly by the person or organisation on which they are levied. Income Tax and Corporate Tax fall under this tax category
EXCISE DUTY These duties refer to duties imposed on goods manufactured within the country
ERM Enterprise Risk Management Frameworks
ER ETS-EU Emissions Trading Scheme
FISCAL DEFICIT It is the difference between the Revenue Receipts and Total Expenditure
FISCAL POLICY Changes in government expenditure design to influence economic activity. Governments generally bring about changes in volume of spending, taxation, size of the budget deficit or surplus to affect public expenses
FBT Fringe Benefit Tax
FMGC Fast Moving Consumer Goods
GDP Gross Domestic Product
GNP Gross National Product
GST Goods and Service Tax
GAAP Global Assignment Policies and Practices
GCC Gulf Co-operation Council
GTMS Global Tax Management System
GTPS Global Transfer Pricing Services
INDIRECT TAX Taxes imposed on goods manufactured, imported or exported such as Excise Duties and Custom Duties
IASB International Accounting Standards Board
ICAAP Internal Capital Adequacy Assessment Process
IFLs Islamic Financial Institutions
IFRS International Financial Reporting Standards
IFSB Islamic Financial Services Board
IRR Integrated regulatory reporting
LEAPS Long-Term Equity Anticipation Securities
MNOs Mobile Network Operators
NATIONAL DEBT Total outstanding borrowings of the central government exchequer
OECD Organisation for Economic Co-operation and Development
OEMs Original equipment manufacturer(s)
PEAK RATE It is the highest rate of Custom Duty applicable on an item
PER CAPITA INCOME The national income of a country, or region, divided by its population
PUBLIC ACCOUNT It is an account where money received through transactions not relating to consolidated fund is kept
PRIMARY DEFICIT Fiscal Deficit minus Interest payments
PROPORATIONAL TAX A tax taking the same percentage of income regardless of the level of income
PFIs Private finance Initiatives
PPPs Public Private Partnership
REVENUE DEFICIT It is the difference between Revenue Expenditure and Revenue Receipts
REVENUE SURPLUS Opposite of Revenue Deficit, it is the excess of Revenue Receipts over Revenue Expenditure
REVENUE BUDGET Consists of Revenue Receipts and Revenue Expenditure of the government
REVENUE RECEIPT Consists of duties imposed by the Centre, interest and dividend on investments made by the government
REVENUE EXPENDITURE Expenditure incurred for the normal functioning of the government departments and various other services such as interest charges on debt incurred by the government
REACH Registration, Evaluation and Authorization of Chemicals
RoHS Restriction of Hazardous Substances Directive
REVENUE RECEIPT Total outstanding borrowings of the central government exchequer
RWCR Risk-weighted Capital Ratio
SURCHARGE This is an extra bit of 10% on the tax liability that individuals pay for earning more than Rs 10 lakh. Companies with revenue of up to Rs 1 crore are spared
STT Securities Transaction Tax
SEC US Securities and Exchange Commission
VAT Value Added Tax
WEEE Waste Electrical and Electronic Directive
WHOLESALE PRICE INDEX Prices of goods that are dealt with wholesale (mostly inputs to production, rather than finished commodities)

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