Royalties

Tax Glossary Definition

Royalties

Royalties refer to compensation paid to the owner of intellectual property—such as patents, trademarks, copyrights, or proprietary designs—in exchange for granting others the right to use or profit from that intellectual asset. These payments acknowledge the creator’s ownership and provide income based on how their innovation or work is utilized.

Example: An author earns royalties from a publisher for every book sold under their name. Likewise, a technology firm may receive royalty payments when another company uses its patented software in manufacturing electronic equipment.

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