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Topic: TAX


exemption

noun
     
ex‧emp‧tion
1PET [countable] an amount of money that you do not have to pay tax on:
You qualify for a tax exemption on the loan.
2 [uncountable and countable] 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.
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