What does exemption mean Meaning and Definition
What does exemption mean
Pronunciation
/ˈɛksemester/
Part of Speech
Noun
Definition
A circumstance or situation where an individual, group, or entity is released or relieved from an obligation, responsibility, or liability, often due to a special condition or privilege.
Examples
- The tax exemption allowed the non-profit organization to save a significant amount of money.
- The company received an exemption from the government to operate a new factory in the area.
Synonyms
- Exclusion
- Waiver
- Dispensation
Antonyms
- Obligation
- Responsibility
- Liability
Etymology
The word “exemption” comes from the Old French “exempt”, itself derived from the Latin “absentes”, meaning “removed” or “taken away”.
Additional Information
Exemptions can be granted in various contexts, including law, business, and social situations. They often provide a benefit or advantage to the exempted individual or entity, and can be used to promote fairness, efficiency, or social justice. In addition to tax and government-related exemptions, other types of exemptions may include those related to education, employment, or membership in a particular group.
Understanding exemptions is crucial in various aspects of life, as they can have a significant impact on an individual’s financial situation, business operations, or overall well-being.