exemption

/ɪgˈzempʃən/ noun

Definition

› [C or U] special permission not to do or pay something: exemption from sth Formula One was granted an exemption from a ban on tobacco advertising.exemption from doing sth Can the parent company claim exemption from preparing a cash flow statement?

› [C ] US TAX tax exemption

→ See also personal exemption

(Definition of exemption noun from the Cambridge Business English Dictionary © Cambridge University Press)