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 ?
He added: "The ending of the stallion tax exemption scheme is obviously going to have a negative effect on the Irish bloodstock industry, but we'll only see how negative over a period of years."
They said tax exemption on income was enough incentive for investors to make investments in FATA/ PATA.
An upward trend was seen in tax exemption costs due to rising preferential imports under the Free Trade AgreeAment with China as it rose nearly to R31.62bn in 2018-19, from Rs22bn in 2012-13.
Notably, Pakistan has yet to provide tax exemption facilities to the US diplomats working in Islamabad since they applied for the same last year.
Answering a question about the issue, Pakistan's embassy here claimed that the issue of tax exemption and refunds is a routine topic of discussion between any two countries.
'We are trying to find a better way for all our SME members and will submit our proposal to the government to encourage them to apply for tax exemption,' he said.
Justice Ijazul Ahsan said the Federal Board of Revenue (FBR) grants tax exemptions and further said that local DTH boxes should be affordable for consumers.
In response, Justice Ijazul Ahsan said that tax exemptions come under the mandate of the Federal Board of Revenue (FBR) and added that local DTH boxes should be introduced at affordable prices.
The tax exemptions have been allowed on the following perquisites and allowances provided or granted by government to the ministers of the federal government, namely:-
Domestic consumers have been given tax exemption on retail goods but traders and industrialists have not been included.