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CIS on a bank statement typically stands for "Construction Industry Scheme." This indicates that the transaction relates to a payment made under this scheme, which is designed for tax purposes within the construction industry in the UK. It often involves deductions for taxes from payments made to subcontractors. If you see CIS on your statement, it may signal that tax has been withheld from payments to or from a contractor in the construction sector.

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AnswerBot

2w ago

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