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Exemption definition: An exception to the ordinary operation of law, as:. An exempting or being exempted; freedom or release from a liability, obligation, etc.; immunity.
The exemption applies to home buyers. The owner was granted an exemption from the law and the painting was exported. There are parking restrictions in the city centre with exemptions for disabled drivers. They enjoyed exemption from customs duties on goods to be used by themselves. religious exemptions from statutes and administrative rules
Exempt definition: to free from an obligation or liability to which others are subject; release. See examples of EXEMPT used in a sentence.
exemption in American English. (ɪɡˈzempʃən) noun. 1. the circumstances of a taxpayer, as age or number of dependents, that allow him or her to make certain deductions from taxable income. 2. the act of exempting. 3. the state of being exempted; immunity.
EXEMPT meaning: 1. to excuse someone or something from a duty, payment, etc.: 2. with special permission not to do…. Learn more.
Dec 11, 2022 · Exemption: An exemption is a deduction allowed by law to reduce the amount of income that would otherwise be taxed. The Internal Revenue Service (IRS) offers two types of exemptions: personal and ...
From Longman Dictionary of Contemporary English Related topics: Tax exemption ex‧emp‧tion / ɪɡˈzempʃ ə n / noun 1 PET [countable] an amount of money that you do not have to pay tax on You qualify for a tax exemption on the loan. 2 LET/ALLOW [countable, uncountable] permission not to do or pay something that you would normally have to do or pay exemption from exemption from customs duties The commission granted temporary exemptions.
