Tax Exemption

Various tax systems grant a tax exemption to certain organizations, persons, income, property or other items taxable under the system. Tax exemption may also refer to a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income under some systems. Tax exempt status may provide a potential taxpayer complete relief from tax, tax at a reduced rate, or tax on only a portion of the items subject to tax. Examples include exemption of charitable organizations from property taxes and income taxes, exemptions provided to veterans, and exemptions under cross-border or multi-jurisdictional principles. Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances (i.e., an exclusion). Tax exemption also generally refers to removal from taxation of a particular item or class rather than a reduction of taxable items by way of deduction of other items (i.e., a deduction). Tax exemptions may theoretically be granted at any governmental level that imposes taxation, though in some broader systems restraints are imposed on such exemptions by lower tier governmental units.

Read more about Tax ExemptionSpecific Monetary Exemptions, Exempt Organizations, Exempt Individuals, Exempt Income, Exempt Property, Conditions Imposed On Exemptions, Multi-tier Jurisdictions, Cross-border Agreements

Other articles related to "tax exemption, tax, exemption, tax exemptions":

Sanitarium Health And Wellbeing Company - Tax Exemption
... Neither the Australia nor the New Zealand Sanitarium companies pay company tax on their profits, due to their ownership by a religious organisation, something which has been criticised and is ...
Non-profit Organisations - Legal Aspects - Tax Exemption
... In many countries, nonprofits may apply for tax exempt status, so that the organization itself may be exempt from income tax and other taxes ...
Navdeep Singh - Profession
... This Act which was passed in 1901 provides for toll tax exemption to private vehicles of defence personnel irrespective of whether they are on duty or not ... of Road Transport Highways clarified that the Act was valid even for the present times and toll exemption was to be granted to both ‘on duty’ and ‘off duty’ defence personnel ... Toll tax exemption to defence personnel was later challenged in the Punjab Haryana High Court by way of a Public Interest Litigation (PIL) but the petition was dismissed by the Court which ...
Club De Fútbol Nuevo León - History
... short time, the president of Tigers of the UANL Ernesto Jasso Rosemary decided to return the tax exemption to the Club of Saline Nuevo Leo'n Soccer being sold it to Sergio, was so 21 ... one third division formed in the North, reason why the cost that implied to have a tax exemption in this place was too much, due to this the Young wild boars for the second time ... For the season 1987-88 the Club is revivido by the Rivero brothers, having acquired a tax exemption of second " B" ...
Tax Exemption - Cross-border Agreements
... agreements with other jurisdictions that provide for reciprocal tax exemption ... These reciprocal tax exemptions typically call for each contracting jurisdiction to exempt certain income of a resident of the other contracting jurisdiction ... Multi-jurisdictional agreements for tax exemption also exist ...

Famous quotes containing the words exemption and/or tax:

    Extemporaneous speaking should be practised and cultivated. It is the lawyer’s avenue to the public.... And yet there is not a more fatal error to young lawyers than relying too much on speechmaking. If any one, upon his rare powers of speaking, shall claim an exemption from the drudgery of the law, his case is a failure in advance.
    Abraham Lincoln (1809–1865)

    As a Tax-Paying Citizen of the United States I am entitled to a voice in Governmental affairs.... Having paid this unlawful Tax under written Protest for forty years, I am entitled to receive from the Treasury of “Uncle Sam” the full amount of both Principal and Interest.
    Susan Pecker Fowler (1823–1911)