tax exemption


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tax exemption,

immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various charities, civic leagues, labor unions, trade associations, social clubs, and political organizations. Such policies date back to 1894, when the U.S. Congress passed income tax laws that provided exemptions for certain institutions.

tax exemption

The release of a property from the obligation to pay real estate taxes.
References in periodicals archive ?
The government had given tax exemption the company as it provided in other projects of the CPEC, he added.
Several senators have moved a calling-attention notice in the Senate, asking for rationale behind the huge tax exemptions.
The source further confirmed that PCB Chairman Najam Sethi had also offered the international cricketing body to get tax exemption from the government of Pakistan for the event.
The resolution further states that the call to renew the travel tax exemption policy of government comes in this very opportune time when Mindanao is being positioned as a strategic logistical hub not only in the ASEAN but also in the rest of Asia nder the ASEAN Connectivity Master Plan.
But instead of the proposed three-year schedule, Recto asked to amend Angara's proposal by imposing the tax exemption starting next year for all individuals earning P250,000 and below.
Even though, changes to the credit union tax exemption are not in the Senate bill, they still could be added on the Senate floor.
Threatening the tax exemption threatens the ability of state and local governments to provide vital resources and finance the nation's infrastructure needs.
After the meet up, PSEB and Ministry of IT compiled a proposal for extending tax exemption on exports of IT products and services which was submitted to the ministry of finance and Federal Board of Revenue (FBR).
To avoid this tax, the Halls might set up trusts, to receive some assets at the first spouse's death, untaxed because of the estate tax exemption.
The B&O tax exemption for manufacturing dairy products, and wholesale sales of dairy products sold to a manufacturer for use as an ingredient or component in the manufacturing of a dairy product, is extended until July 1, 2025.
Global Banking News-February 5, 2015--Indian central bank calls for higher tax exemptions
Filmmakers can also receive sales/use tax exemptions and hotel tax exemptions.