exemption
n.-
1 freedom from a rule (n.) B2 Upper Intermediatepermission to not follow a rule or duty that usually applies to everyone.
the state of being excused from a requirement, duty, or obligation. Often used with the preposition 'from'.
ExampleHe was granted an exemption from military service because of his health problems.
ExampleThe university granted her an exemption from the introductory language course based on her high score on the placement exam.
UsageCommonly followed by the preposition 'from'.
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2 tax reduction (n.) C1 Advanced Formal Technical Lawa specific amount of money that you do not have to pay tax on.
a reduction in the amount of income or property that is subject to taxation.
ExampleFamilies with many children may be eligible for a special tax exemption.
ExampleThe government introduced a new tax exemption for small businesses to encourage investment in green technology.
UsageTypically functions as a countable noun in financial contexts.
From Old French exemption, from Latin exemptiō, from eximō, equivalent to exempt + -ion.