tax exemption

tax exemption: tax-exempt tax-exempt ² adjective TAX

1. tax-exempt investments, savings, income etc are not taxed:

• a tax-exempt savings account

• issuers of tax-exempt bonds

2. an organization that is tax-exempt does not have to pay tax:

• a tax-exempt Friendly Society

• Some hospitals risk losing their tax-exempt status.

— tax exemption noun [countable, uncountable] :

• The sales tax exemption for newspapers and magazines has been lifted.

* * *

tax exemption UK US noun

► [U] TAX, GOVERNMENT a situation in which a person or organization does not have to pay tax: »There are tax advantages, such as tax exemption for up to three years on profits from exports.
a tax exemption on/for sth »The city's tax exemption on exports dates back to the 1960s.
»I am against a tax exemption for private schools.

► [C] (also exemption, UK also tax allowance) TAX an amount of money that can be taken off someone's income and savings, or a company's profits before the tax owed is calculated: claim sb/sth as a tax exemption »Taxpayers must provide Social Security numbers for each dependent claimed as a tax exemption.
a tax exemption on/for sth/sb »He denied that he had claimed a tax exemption on his official limousine.
»If you file a joint return, you can claim an exemption for your spouse.
»As you fill out your federal income tax return, even before you report your income, the IRS asks you to list your personal exemptions.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

Tax exemption — A tax exemption is an exemption from all or certain taxes of a state or nation in which part of the taxes that would normally be collected from an individual or an organization are instead foregone.Normally a tax exemption is provided to an… … Wikipedia
tax exemption — A personal exemption of a fixed amount, as determined by statute, to be deducted from gross income in determining the taxable income of a person. Internal Revenue Code § 151. A dependent constituting a personal exemption in computation of taxable … Ballentine's law dictionary
tax exemption — Synonyms and related words: assessment, cess, conscience money, contribution, direct tax, duty, graduated taxation, imposition, impost, indirect tax, joint return, levy, progressive tax, separate returns, single tax, supertax, surtax, tax, tax… … Moby Thesaurus
tax exemption — / tæks ɪgˌzempʃən/ noun US 1. the fact of being free from payment of tax 2. the part of income which a person is allowed to earn and not pay tax on … Dictionary of banking and finance
tax exemption — Immunity from the obligation of paying taxes in whole or in part … Black's law dictionary
exemption — ex·emp·tion /ig zemp shən/ n 1: the act of exempting or state of being exempt 2: one that exempts or is exempted: as a: an amount of income exempted from taxation that may be deducted from adjusted gross income under the tax laws see also… … Law dictionary
Tax bracket — Tax brackets are the divisions at which tax rates change in a progressive tax system (or an explicitly regressive tax system, although this is much rarer). Essentially, they are the cutoff values for taxable income mdash; income past a certain… … Wikipedia
exemption trust — A bypass trust funded with an amount no larger than the personal federal estate tax exemption for the year of death. If the trust grantor leaves property worth more than that amount, it usually goes to the surviving spouse. The trust property… … Law dictionary
exemption certificate — ➔ certificate * * * exemption certificate UK US noun [C] TAX ► an official document that gives someone special permission not to do or pay something: »a medical/tax exemption certificate »The Revenue should have discretion to grant exemption… … Financial and business terms
Tax system in China — Taxes provide the most important revenue source for the Government of the People s Republic of China. As the most important source of fiscal revenue, tax is a key economic player of macro economic regulation, and greatly affects China s economic… … Wikipedia

Academic Dictionaries and Encyclopedias

tax exemption

Look at other dictionaries:

Share the article and excerpts

Academic Dictionaries and Encyclopedias

Financial and business terms

tax exemption

Look at other dictionaries:

Share the article and excerpts

Direct link