Where the employee receiving such benefits is a director of the company concerned, the benefits are taxable regardless of the level of remuneration. The liability to tax also applies in respect of benefits provided by an employer for a member or members of an employee's family or household.
Federal Acquisition Regulation (FAR) Federal Acquisition Regulation (FAR) is the body of laws that govern the U.S. Federal Government's procurement process.
Government-Wide Acquisition Contract - GWAC. DEFINITION of 'Government-Wide Acquisition Contract - GWAC'. A contract in which multiple government agencies align their needs and purchase a contract for goods or services. Government-wide acquisition contracts allow for economies of scale, which usually reduce per unit costs.