Tax Glossary Definition
Incumbent – An incumbent refers to a person who currently holds a specific position, office, or role and is responsible for its associated duties. The term is commonly used in contexts such as politics, corporate leadership, or religious institutions. In Politics: The sitting member of an elected office. In Organizations: The individual currently performing the role of a director, CEO, or other official positions. Other Usage: Can also describe something that is obligatory or “resting upon” a person or entity.
Example: The incumbent CEO of a company is responsible for executing the strategic plans and daily operations of the organization. An incumbency certificate may list all current officeholders in a company or institution
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