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Exemption (other)
Exemption may refer to: * Tax exemption, which allows a certain amount of income or other value to be legally excluded to avoid or reduce taxation * Exemption (Catholic canon law), an exemption in the Roman Catholic Church, that is the whole or partial release of an ecclesiastical person, corporation, or institution from the authority of the ecclesiastical superior next higher in rank * Stauropegic exemption, a specific type of ecclesiastical exemption in Eastern Christianity * Grandfather clause, an exemption that allows a pre-existing condition to continue, even if such a condition is now prohibited from being begun anew * Exempt employee, is one who is exempt from the Fair Labor Standards Act, i.e. is not entitled to overtime pay and other worker's benefits stated in the FLSA * Loophole, a weakness or exception that allows a system, such as a law or security, to be circumvented or otherwise avoided {{disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Exemption
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items. Examples include exemption of charitable organizations from property taxes and income taxes, veterans, and certain cross-border or multi-jurisdictional scenarios. Tax exemption generally refers to a statutory exception to a general rule rather than the mere absence of taxation in particular circumstances, otherwise known as an exclusion. Tax exemption also refers to removal from taxation of a particular item rather than a deduction. International duty free shopping may be termed "tax-free shopping". In tax-free shopping, the goods are permanently taken outside the jurisdiction, thus paying taxes is not necessary. Tax-free shopping is also found in ships, airplanes and other vessels traveling ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |