In 1803, the inhabitants signed a petition addressed to the Jamaican governor asking him to grant them a tax exemption from the " Transient Tax on Wreck Goods ".

The U. S. Court of Appeals reversed the Tax Court's ruling, defined the Society as a religious organization, and granted its tax exemption.

* Income Tax exemption on income derived from the business of development of the SEZ in a block of 10 years in 15 years under Section 80-IAB of the Income Tax Act.

In India, trusts set up for the social causes and approved by the Income Tax Department, get not only exemption from payment of tax but also the donors to such trusts can deduct the amount of donation to the trust from their taxable income.

Among other provisions, the act accelerated certain tax changes passed in the Economic Growth and Tax Relief Reconciliation Act of 2001, increased the exemption amount for the individual Alternative Minimum Tax, and lowered taxes of income from dividends and capital gains.

Additionally, EGTRRA increased the per-child tax credit and the amount eligible for credit spent on dependent child care, phased out limits on itemized deductions and personal exemptions for higher income taxpayers, and increased the exemption for the Alternative Minimum Tax, and created a new depreciation deduction for qualified property owners.

* Tax exemption

Tax exemption may also refer to a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income under some systems.

Tax exemption also generally refers to removal from taxation of a particular item or class rather than a reduction of taxable items by way of deduction of other items ( i. e., a deduction ).

In his 2008 State of the State address, Blunt proposed a Show-Me Green Sales Tax Holiday to create a one-week state sales tax exemption on Energy Star certified new appliances.

However, Texas has a Franchise Tax based on " taxable margin ", generally defined as sales less either cost of goods sold less compensation, with complete exemption ( no tax owed ) for less than $ 1MM in annual earnings and gradually increasing to a maximum tax of 1 % based on net revenue, where net revenue can be calculated in the most advantageous of four different ways.

Aside from an exemption for ' qualifying intermediaries ' such as market makers at large banks, Stamp Duty Reserve Tax ( SDRT ) was introduced under the Finance Act 1986 to ensure that a form of tax equivalent to stamp duty would continue to be payable on the transfer of uncertificated shares.

It introduced the concept of Unrelated Business Income Tax, denied exemption to certain foundations and trusts, and denied deductions to donors of some organization which failed to meet certain standards.

# REDIRECT Tax exemption

# REDIRECT Tax exemption

As tax-exempt institutions ( See Tax exemption ), universities have had no legal obligation to contribute to the coffers of city government, but some do make payments in lieu of taxes based on negotiated agreements ( as is the case in Boston ).

Tax break is a slang term referring to any item which reduces tax, including any tax exemption, tax deduction, or tax credit.

Tax exemption is legalized, including the continued tax exemptions carried over from the previous constitution.

# REDIRECT Tax exemption

Tax rates are generally fixed, but a different rate may be imposed on employers than on employees.

" Camps Newfound / Owatonna v. Town of Harrison, 520 U. S. 564, 596 ( 1997 ) ( Scalia, J., dissenting ) ( citing Okla. Tax Comm ' n v. Jefferson Lines, 514 U. S. 175, 180 – 83 ( 1995 )); see generally Boris I. Bittker, Regulation of Interstate and Foreign Commerce § 6. 01, at 6 – 5 (" he boundaries of the off-limits area are, and always have been, enveloped in a haze .").

Tax regulations governing municipal bonds generally require all money raised by a bond sale to be spent on one-time capital projects within three to five years of issuance.

Tax rules generally permit related parties to set prices in any manner they choose, but permit adjustment where such prices or their effects are outside guidelines.

Tax authorities generally examine prices actually charged between related parties to determine whether adjustments are appropriate.

Tax deductions generally are allowed only for expenses incurred that produce current benefits, and capitalization of items producing future benefit is required, sometimes with exceptions.

In the Tax Court of Canada, the onus is generally on the taxpayer to prove its case on a balance of probabilities, except in respect of civil penalties where the Canada Revenue Agency carries the burden of proof.

Estate agents selling residential property generally charge between 2 % and 3 % of the sale price plus VAT ( Value Added Tax ) Additional marketing charges are also applied for advertising, in media such as newspapers and websites.

Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority.

Tax return laws generally prohibit disclosure of any information gathered on a state tax return.

* Tax efficiency – ETFs generally generate relatively low capital gains, because they typically have low turnover of their portfolio securities.

In situations that qualify for the removal of a lien, the IRS will generally remove the lien within 30 days and the taxpayer may receive a copy of the Certificate of Release of Federal Tax Lien.

Thus, while a Notice of Federal Tax Lien generally is issued after the tax lien arises, a Notice of Intent to Levy ( sometimes misleadingly called simply a " notice of levy ") generally must be issued before the actual levy is made.

While the standard UK rate of Value Added Tax ( VAT ) of 20 % is generally higher than US sales taxes, differences in prices are often far greater than this could account for ..

Tax Foundation research is generally critical of tax increases, high business taxes, so-called " sin " taxes, tax preferences for the housing industry, and use of the tax code for " picking winners and losers ".

Tax rates are generally low.

The Economic Growth and Tax Relief Reconciliation Act of 2001 ( EGTRRA ) brought significant changes to retirement plans, generally easing restrictions on the ability to roll money from one type of account to the other and increasing contributions limits.

Tax revenues generally depend on household income and the pace of economic activity.

The Tax Court specializes in adjudicating disputes over federal income tax, generally prior to the time at which formal tax assessments are made by the Internal Revenue Service.

" Small Tax Cases " are conducted under Internal Revenue Code section 7463, and generally involve only amounts in controversy of $ 50, 000 or less for any one tax year.

Upon issuance of the statutory notice of deficiency ( after IRS determination of the tax amount, but before the formal IRS assessment of the tax ), the taxpayer generally has 90 days to file a Tax Court petition for " redetermination of the deficiency ".

" In 1998, however, Congress amended the Internal Revenue Code by adding a new section 6304, " Fair Tax Collection Practices ," which refers to and includes certain rules that are similar to some provisions of the Fair Debt Collection Practices Act.

The " P " code refers to documents in the PAYE series, in the same way that self-assessment documents are prefixed " SA " ( e. g. SA100-Individual tax return ) and Tax Credits paperwork is prefixed " TC " ( e. g. TC600-Tax credits application ).

Tax advantage refers to the economic bonus which applies to certain accounts or investments that are, by statute, tax-reduced, tax-deferred, or tax-free.

Section 281 B refers to recovery of tax and allows the tax department to issue provisional orders to the assessee to safeguard revenues accrued to it. The Income Tax department had slapped notice on the company after disallowing exemptions claimed by the software firm.