Longman Dictionary of Contemporary English homepage

exemption

 noun
     
Related topics: Tax
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.
Definition from the Longman Dictionary of Contemporary English
Advanced Learner's Dictionary.

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